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PUBLIC DOCUMENT No. 8. 



CommoniDeattl) of iHas0cul)U0£tt0, 



ANNUAL REPORT 



OF THE 



BANK COMMISSIONERS 



SEPTEMBER 30, 1862. 



BOSTON: 

WEIGHT & POTTEE, STATE PEINTEES, 

No. 4 Spring Lane. 

18 6 3. 



Digitized by the Internet Archive 

in 2012 with funding from 

Boston Library Consortium Member Libraries 



http://archive.org/details/annualreportofba1862mass 



ANNUAL REPORT 



OF THE 



BANK COMMISSIONERS. 



To Hon. Oliver Warner, Secretary of the Commonwealth : 

The Bank Commissioners respectfully submit their Twelfth 
Annual Report. 

The number of banks in the Commonwealth at the present 
time is one hundred and eighty-three, — being two more than at 
the date of our last Annual Report, — and the amount of their 
capital is sixty-seven millions five hundred and forty-four thou- 
sand and two hundred dollars, (167,544,200,) being two 
hundred and twenty-five thousand dollars ($225,000) more 
than it was one year since. 

The two additional banks are the Fall River Union Bank 
and the Pocasset Bank in Fall River, formerly of Rhode Island. 
By the recent change of the boundary line between the States 
of Massachusetts and Rhode Island, these two institutions have 
been brought within the jurisdiction of this Commonwealth. 

The amount of bank capital in Massachusetts 

at the date of our last Report was, . . 167,319,200 00 
Additions made since, . . $425,000 00 
Reduction " " . 200,000 00 



Actual increase during the year, . . 225,000 00 

Total bank capital at the present time, . $67,544,200 00 



4 BANK COMMISSIONERS' REPORT. [Oct. 

The additions made to the bank capital during the past year, 
(since September 30, 1861,) have been the following: — 

Bristol Co. Bank, Taunton, (balance of increase,) $25,000 00 

Fall River Union Bank, 200,000 00 

Pocasset Bank, 200,000 00 



1425,000 00 

The reductions of capital have been the following : — 

Bank of Brighton, 150,000 00 

Tillage Bank, Danvers, 50,000 00 

Central Bank, Worcester, 100,000 00 



1200,000 00 

Of the whole amount of bank capital in the Commonwealth — 

44 banks in Boston have . . . . $38,631,700 00 
139 other banks have 28,912,500 00 



$67,544,200 00 



During the past year the Commissioners have examined 
eighty-eight banks and forty-six savings institutions ; besides 
which they have made several other examinations for special 
purposes, which are not included in this Report. 

The names of the banks examined, and the day on which the 
several examinations were commenced, appear in the following 
list :— 



1862.] 



PUBLIC DOCUMENT— No. 8. 
Banks Examined — 1861-2. 







First day of 


NAME. 


Place. 


Examination. 


Abington, . . 


Abington, . 


April 30, 1862. 


Agawam, . 






Springfield, . 






July 1, " 


Agricultural, 






Pittsfield, . . 






May 27, " 


Andover, 






Andover, 






June 20, " 


Appleton, . 






Lowell, 






April 2, " 


Asiatic, 






Salem, 






April 11, " 


Atlas, 






Boston, 






Jan. 14, " 


Barnstable, 






Yarmouth, . 






July 21, " 


Bay State, . 






Lawrence, . 






April 17, " 


Beverly, 






Beverly, 






July 15, " 


Blackstone, 






Boston, 






Jan. 8, " 


Brighton, Bank of, 




Brighton, 






Sept. 25, " 


Brighton Market, 




Brighton, 






May 9, " 


Bristol County, . 




Taunton, 






Nov. 15, 1861. 


Cambridge, . . 




Cambridge, . 






Oct. 31, " 


Cambridge City, 




Cambridge, . 






Mar. 28, 1862. 


Cape Ann, Bank of, . 




Gloucester, . 






Sept. 4, " 


Cape Cod, Bank of, 




Harwich, 






Julv 24, " 


Central, 




Worcester, . 






May 23, " 


Charles River, 




Cambridge, . 






Nov. 8, 1861. 


City Bank of Lynn, . 




Lynn, . 






Sept. 30, 1862. 


City Bank of Worcester, 




Worcester, . 






Nov. 12, 1861. 


Commerce, Bank of, . 




Boston, 






Feb. 11, 1862. 


Danvers, 




South Danvers, 






May 20, " 


Dedham, 






Dedham, 






Nov. 1, 1861. 


Eagle, 






Boston, 






May 6, 1862. 


Eliot, . 






Boston, 






Mar. 11, " 


Essex, 






Haverhill, . 






April 8, " 


Exchange, . 






Boston, 






Feb. 4, " 


Fairhaven, . 






Fairhaven, . 






May 22, " 


Fall River, 






Fall River, . 






May 15, " 


Fall River Union 


j 




Fall River, . 






May 16, " 


Faneuil Hall, 






Boston, 






Feb. 27, « 


Framingham, 






Framingham, 






April 18, " 


Franklin County 






Greenfield, . 






May 29, « 


Freeman's, 






Boston, 






Oct. 16, 186L 


Gloucester, 






Gloucester, . 






Sept. 3, 1862. 


Grand, 






Marblehead, 






Sept. 2, " 


Granite, 






Boston, 






Dec. 11, 1861. 


Greenfield, 






Greenfield, . 






May 29, 18&2. 


Hadley Falls, 






Holyoke, 






July 2, " 


Hampden, . 






Westfield, . 






Oct. 10, 1861. 


Haverhill, . 






Haverhill, . 






June 18, 1862. 


Hingham, . 






Hingham, 






July 29, " 


Holliston, . 






Holliston, 






July 9, " 


Hopkinton, 






Hopkinton, . 






July 9, " 


Howard, 






Boston, 






Feb. 20, " 


Lowell, 






Lowell, 






May 2, " 


Lynn Mechanics' 






Lynn, . 






Mar. 25, " 


Marblehead, 






Marblehead, 






Sept. 2, " 


Marine, 






New Bedford, 






May 21, " 



6 



BANK COMMISSIONERS' REPORT. 
Banks Examined — Concluded. 



[Oct. 



NAME. 


Place. 


First day of 
Examination. 


Market, 


Boston, 


Dec. 26, 1861. 


Maverick, . 




Boston, 






Feb. 18, 1862. 


Mechanics', 




New Bedford, 






Sept. 9, " 


Mechanics', 




Worcester, . 






April 15, " 


Mercantile, 




Salem, 






Jan. 30, " 


Merchants', 




New Bedford, 






Sept. 9, " 


Metacomet, 




Fall River, . 






Sept. 11, " 


Milford, 




Milford, 






July 10, " 


Miller's River, . 




Athol, 






May 30, " 


Monument, 




Charlestown, 






Nov. 6, 1861. 


Mount Wollaston, 




Quincy, 






Oct. 29, " 


National, 




Boston, 






Mar. 13, 1862. 


Naumkeag, , 




Salem, 






April 10, " 


Neponset, . 

North America, Bank of, 




Canton, 
Boston, 






April 22, " 
Dec. 17, 1861. 


Ocean, 
Oxford, 




Newburyport, 
Oxford, 






May 13, 1862. 
Nov. 13, 1861. 


Pemberton, 




Lawrence, . 






June 19, 1862. 


Pittsfieid, . 




Pittsfieid, . 






May 28, " 


Plymouth, .... 
Poc asset, 




Plymouth, . 
Fall River, . 






June 11, " 
Sept. 10, " 


Powow River, 
Prescott, 




Salisbury, 
Lowell, 






May 14, " 
April 23, « 


Railroad, 




Lowell, 






Oct. 2, 1861. 


Randolph, . 
Revere, 




Randolph, . 
Boston, 






Aug. 29, 1862. 
Mar. 4, " 


Safety Fund, 

Shoe and Leather Dealers', 




Boston, 
Boston, 






May 7, " 
Jan. 21, " 


Spicket Falls, 




Methuen, 






June 18, " 


Taunton, 




Taunton, 






Nov. 14,1861. 


Union, 




Haverhill, . 






May 1, 1862. 


Union Bank of Weymout 

Braintree, 
Wareham, . 


i and 


Weymouth, . 
Wareham, . 






June 12, " 
July 23, " 


Warren, 




South Danvers, 






April 24, " 


Westfield, . 




Westfield, . 






Oct. 9, 1861. 


Woburn, 




Woburn, 






Nov. 7, " 


Worcester, . 




Worcester, . 






April 16, 1862. 



The general condition of the above-named banks, at the time 
of their respective examinations, will appear in the following 
Abstracts : — 



1862.] 



PUBLIC DOCUMENT— No. 8. 



ABSTRACTS. 



RAILROAD BANK— LOWELL. 

[October 2, 1861.] 

Samuel W. Stickney, President. Cashier, John F. Rogers. 



Capital, 
Circulation, 
Deposits, 
Bank Balances, 
Profits on hand, 



Immediate Liabilities, . 



$600,000 00 


301,519 00 


46,254 43 


88 08 


138,188 55 


$1,086,050 06 


$347,861 51 



Loan, 

Real Estate, 

Checks and Bills of 
other Banks, . 

Bank Balances, . 

Specie, 



Immediate Resources, 



$958,605 79 

1,169 86 

104,523 95 

21,750 46 



$1,086,050 06 



$127,444 27 



Overdue or Suspended Paper, none. 



Number of Directors, . . . . . . .8 

Stock owned by Directors, 143 shares. 

Amount of Directors' Liabilities, $37,486 00 

Largest indebtedness of any one individual or company, . 94,000 00 

Loan on Stock of the Bank, 7,834 00 

Greatest amount of Stock held by any one person or cor- 
poration, 261 shares. 

Highest Loan at any one time during the past year, . . $1,109,930 58 
Proportion of Loan payable out of Lowell, perhaps . 
" " on which Exchange is charged, . 

Amount of charges for Exchange during the last year, 
Amount of Deposits drawing interest, 
Annual expenses, ....... 

Last semi-annual dividend, (April 1, 1861,) 



Nine-tenths. 
Yery small. 
No account kept. 
None. 

$4,800 00 
4 per cent. 



Number of Stockholders present at last annual meeting, 14 
Number of shares represented " " " 



No stock vote taken. 



No Loans to or from other Banks during the last year. 



8 



BANK COMMISSIONERS' REPORT. 



[Oct. 



WESTFIELD BANK— WESTFIELD. 

[October 9, 1861.] 

William G. Bates, President. Cashier, Henry Hooker. 



Capital, 
Circulation, 
Deposits, . 
Bank Balances, . 
Profits on hand, . 


1150,000 00 

56,881 00 

31,045 23 

5,636 93 

5,222 27 


Loan, 

Real Estate, 

Checks and Bills of 
other Banks, . 

Bank Balances, 

Specie, 

Immediate Resources, 


$215,385 65 
8,992 54 

2,722 72 

16,240 17 

8,444 35 




$251,785 43 


$251,785 43 


Immediate Liabilities, . 


$96,563 16 


$27,407 24 



Overdue or Suspended Paper, $41,459. Probable loss, not over $10,944. 



Number of Directors, ....... 9 

Stock owned by Directors, . . . . . . 134 shares. 

Amount of Directors' Liabilities, $56,403 00 

Largest indebtedness of any one individual or company, . 25,909 00 

Loan on Stock of the Bank, (on 57 shares,) . . . 4,525 00 

Greatest amount of stock held by any one person or corpo- 
ration, ........ 45 shares. 

Highest Loan at any one time during the past year, . . $282,546 01 

Proportion of Loan payable out of Westfield, about . Three-eighths. 

" " on which Exchange is charged, perhaps Three-sixteenths. 

Amount of charges for Exchange during the last year, No account kept. 
Amount of Deposits drawing interest, 
Annual Expenses, about ...... 

Last semi-annual dividend, (October, 1861,) 

Number of Stockholders present at last annual meeting, 

Number of shares represented " " " 



$4,000 00 
2,500 00 
. 3 per cent. 

25 to 30. 
138 



Borrowed of other Banks during the last year,* 
Loaned to " " " " " 



$5,000 00 



Nothing. 



* Paper re-discounted. 



1862.] 



PUBLIC DOCUMENT— No. 8. 



9 



HAMPDEN BANK— WESTFIELD. 

[October 10, 1861.] 

Edward B. Gillett, President. Cashier, Royal Weller. 



Capital, 
Circulation, 
Deposits, . 
Bank Balances, . 
Profits on hand, . 



Immediate Liabilities, . 



$150,000 00 

95,173 00 

34,585 49 

152 91 

20,417 65 



$300,329 05 



$129,911 40 



Loan, 

Real Estate, 

Checks and Bills of 
other Banks, . 

Bank Balances, 

Specie, 



Immediate Resources, 



$225,119 42 
8,140 74 

2,118 00 
50,210 61 
14,740 28 



$300,329 05 



$67,068 89 



Overdue or Suspended Paper, $1,685. No loss anticipated. 



Number of Directors, 10 

Stock owned by Directors, ..... 92 shares. 

Amount of Directors' Liabilities, . . . . . $32,490 00 

Largest indebtedness of any one individual or company, . 12,542 00 

Loan on Stock of the Bank, (on 52 shares,) . . . 5,100 00 

Greatest amount of stock held by any one person or corpo- 
ration, ........ 69 shares. 

Highest Loan at any one time during the past year, . . $290,446 40 

Proportion of Loan payable out of Westfield, about . One-third. 

" " on which Exchange is charged, about One-eighth. 

Amount of charges for Exchange during the last year, Not stated. 
Amount of Deposits drawing interest, . . . None. 

Annual Expenses, about $2,500 00 

Last semi-annual dividend, (October, 1861,) . . .3^ per cent. 
Number of Stockholders present at last annual meeting, 

about 15 

Number of shares represented at last annual meeting, 350 



No Loans to or from other Banks during the last year 



10 



BANK COMMISSIONERS' REPORT. 



[Oct. 



FREEMAN'S BANK— BOSTON. 

[October 16, 1861.] 

Solomon Piper, President. Cashier, Jeremy Drake. 



Capital, 
Circulation, 
Deposits, 
Bank Balances, 
Profits on hand, 



Immediate Liabilities, 



$400,000 00 

149,824 00 

269,269 89 

62,287 28 

15,094 40 



$896,475 57 



$481,381 17 



Loan, 

Fixtures, . 

Checks and Bills of 
other Banks, . 

Bank Balances, . 

Specie, 



Immediate Resources, 



$725,205 00 
1,459 35 

53,453 50 
35,541 41 
80,816 31 



$896,475 57 



$169,811 22 



Overdue or Suspended Paper, $19,700. Probable loss, $5,330. 



Number of Directors, . . 7 

Stock owned by Directors, 270 shares. 

Amount of Directors' Liabilities, $51,670 00 

Largest indebtedness of any one individual or company, . 42,814 00 
Loan on Stock of the Bank, (on 56 shares,) . . . 3,850 00 
Greatest amount of Stock held by any one person or cor- 
poration, . 230 shares. 

Highest Loan at any one time during the past year,* . . $821,094 13 

Proportion of Loan payable out of Boston, about . One-seventh. 
" " on which Exchange is charged, about One-seventh. 

Amount of charges for Exchange during the last year, Not known. 
Amount of Deposits drawing interest, . . . None. 
Annual Expenses, about ... . ..... . $5,100 00 

Last semi-annual dividend, (October, 1861,) . . .3 per cent. 
Number of Stockholders present at last annual meeting, . 8 
Number of shares represented " " " 652 

Borrowed of other Banks during the last year, — "In a few cases ; " amount 
not stated. 

Loaned to other Banks during the last year, . . . $130,000 00 



* Including United States Loan. 



1862.] 



PUBLIC DOCUMENT— No. 8. 



11 



MOUNT WOLLASTON BANK— QUINCY. 

[October 29, 1861.] 

Francis M. Johnson, President. Cashier, Louis Congdon. 



Capital, 

Circulation, 

Deposits, 

Bank Balances, . 

Profits on hand, . 



Immediate Liabilities, . 



$150,000 00 

35,281 00 

57,004 93 

500 00 

9,120 25 



$251,906 18 



$92,785 93 



Loan, 

Bank of Mutual Re- 
demption, 

Checks and Bills of 
other Banks, . 

Bank Balances, . 

Specie, 



Immediate Resources, 



$230,224 74 

7,500 00 

54 00 
6,480 47 
7,646 97 



$251,906 18 



$14,181 44 



Overdue or Suspended Paper, $12,209. Probable loss, $3,500. 



Number of Directors, ....... 9 

Stock owned by Directors, 195 shares. 

Amount of Directors' Liabilities, $26,779 00 

Largest indebtedness of any one individual or company, . 27,000 00 
Loan on Stock of the Bank, (on 12 shares,) . . . 1,000 00 
Greatest amount of Stock held by any one person or cor- 
poration, 120 shares. 

Highest Loan at any one time during the past year, . . $262,570 05 

Proportion of Loan payable out of Quincy, . . Three-fourths. 

" " on which Exchange is charged, about One-third. 

Amount of charges for Exchange during the last year, . $1,629 00 

Amount of Deposits drawing interest, . . . None. 

Annual Expenses, $2,000 00 

Last semi-annual dividend, (October, 1861,) . . .3 per cent. 
Number of Stockholders present at last annual meeting, . 8 
Number of shares represented " " " 210 

Borrowed of other Banks during the last year,— From $2,000 to $7,000 00 
Loaned to " " « « . . 5,000 00 



12 



BANK COMMISSIONERS' REPORT. 



[Oct. 



CAMBRIDGE BANK— CAMBRIDGE. 

[October 31, 1861.] 

Lucius R. Paige, President. Cashier, Joseph Whittemore. 



Capital, 
Circulation, 
Deposits, . 
Bank Balances, 
Profits on hand, 



Immediate Liabilities, 



$100,000 00 
40,533 00 
31,625 59 

14,161 51 



$186,320 10 



$72,158 59 



Loan, 

Real Estate, 

Checks and Bills of 
other Banks, . 

Bank Balances, 

Specie, 

Bank of Mutual Re 
demption, 



Immediate Resources, 



$159,118 92 
6,000 00 

1,920 67 
9,448 98 
6,831 53 

3,000 00 



$186,320 10 



$18,201 18 



Overdue or Suspended Paper, $1,935.38. No loss anticipated. 



Number of Directors, 7 

Stock owned by Directors, . . . . 99 shares. 

Amount of Directors' Liabilities, $11,500 00 

Largest indebtedness of any one individual or company, . 17,000 00 
Loan on Stock of the Bank, (on 78 shares,) . . . 5,600 00 
Greatest amount of Stock held by any one person or cor- 
poration, 108 shares. 

Highest Loan at any one time during the past year, . . $199,823 37 

Proportion of Loan payable out of Cambridge, 

" " on which Exchange is charged, . 

Amount of charges for Exchange the last year, about 
Amount of Deposits drawing interest, 
Annual Expenses, about ...... 

Last semi-annual dividend, (October, 1861,) 

Number of Stockholders present at last annual meeting, . 8 

Number of shares represented " " " 170 



Two-thirds. 
Very small. 

$75 00 
None. 

$2,000 00 
. 4 per cent. 



No Loans to or from other Banks during the last year. 



1862.] 



PUBLIC DOCUMENT— No. 8. 



13 



DEDHAM BANK— DEDHAM. 

[November 1, 1861.] 



Jeremy Stimpson, President. 



CasMer, L. H. Kingsbury. 



Capital, 
Circulation, 
Deposits, . 
Bank Balances, 
Profits on hand, 



Immediate Liabilities, 



$300,000 00 


126,927 


00 


66,399 


27 


26 


10 


27,143 


78 


$520,496 


15 


$193,352 37 



Loan, 

Bank of Mutual Re- 
demption, 

Checks and Bills of 
other Banks, . 

Bank Balances, . 

Specie, 



Immediate Resources, 



$481,427 73 

3,000 00 

313 00 

9,748 67 

26,006 75 



$520,496 15 



$36,068 42 



Overdue or Suspended Paper, $42,172. Probable loss, $8,810. 



Number of Directors, 7 

Stock owned by Directors, 272 shares. 

Amount of Directors' Liabilities, $48,027 00 

Largest indebtedness of any one individual or company, . 40,627 00 

Loan on Stock of the Bank, (on 24 shares,) . . . 1,825 00 

Greatest amount of Stock held by any one person or corpo- 
ration, ........ 126 shares. 

Highest Loan at any one time during the past year, . . $567,424 69 

Proportion of Loan payable out of Dedham, about . Three-fourths. 

" " on which Exchange is charged, about One-fourth. 

Amount of charges for Exchange during the last year, . $3,564 91 

Amount of Deposits drawing interest, .... 6,627 62 

Annual Expenses, about 3,700 00 

Last semi-annual dividend, (November, 1861,) . . 3 per cent. 

Number of Stockholders present at last annual meeting, 16 
Number of shares represented " " " about 500. 

Borrowed of other Banks during the last year, . . $10,000 00 

Loaned to " « " " " . Nothing. 



14 



BANK COMMISSIONERS' REPORT. 



[Oct. 



MONUMENT BANK— CHARLESTOWN. 

[November 6, 1861.] 

Peter Hubbell, President. Cashier, George L. Foote. 



Capital, 
Circulation, 
Deposits, . 
Bank Balances, . 
Profits on hand, . 


$150,000 00 

81,365 00 

97,032 17 

2,573 02 

9,168 71 


Loan, . . 

Real Estate, 

Checks and Bills of 
other Banks, . 

Bank Balances, . 

Specie, 

Immediate Resources, 


*$241,190 76 
7,500 00 

2,412 49 
74,385 24 
14,650 41 




$340,138 90 


$340,138 90 


Immediate Liabilities, . 


$180,970 19 


$91,448 14 



Overdue or Suspended Paper, $12,156. Probable loss, $4,806. 



Number of Directors, . . . . . . 7 

Stock owned by Directors, ...... 63 shares. 

Amount of Directors' Liabilities, $27,252 00 

Largest indebtedness of any one individual or company, . 11,568 00 

Loan on Stock of the Bank, (on 41 shares,) . . . 2,100 00 

Greatest amount of Stock held by any one person or corpo- 
ration, ........ 159 shares. 

Highest Loan at any one time during the past year, . . $302,012 62 

Proportion of Loan payable out of Charlestown, . Three-fourths. 

" " on which Exchange is charged, . A small fraction. 

Amount of charges for Exchange during the last year, about $500 00 

Amount of Deposits drawing interest, . . . None. 
Annual Expenses, about . . . . . . $4,250 00 

Last semi-annual dividend, (October, 1861,) . . 3 per cent. 
Number of Stockholders present at last annual meeting, Not stated. 
Number of shares represented " " " 157 

No Loans to or from other Banks during the last year. 



* Including U. S. Loan, $42,285. 



1862.] 



PUBLIC DOCUMENT— No. 8. 



15 



WOBURN BANK— WOBURN. 

[November 7, 1861.] 

Abijah Thompson, President Cashier, E. J. Jenks. 



Capital, . . 

Circulation, 

Deposits, 

Bank Balances, . 

Profits on hand, . 


$150,000 00 
70,815 00 
26,467 31 

26,330 48 


Loan, 

Real Estate, 

Checks and Bills of 
other Banks, . 

Bank Balances, . 

Specie, 

Bank of Mutual Re- 
demption, 

Immediate Resources, 


$227,652 46 
3,250 00 

487 59 
27,937 35 
11,285 39 

3,000 00 




$273,612 79 


$273,612 79 


Immediate Liabilities, . 


$97,282 31 


$39,710 33 



Overdue or Suspended Paper, $10,868. Probable loss, $1,335. 



Number of Directors, . . . . . . 11 

Stock owned by Directors, . . . . . 555 shares. 

Amount of Directors' Liabilities, . . . . . $79,965 00 

Largest indebtedness of any one individual or company, . 25,698 00 
Loan on Stock of the Bank, (on 83 shares,) . . . 4,000 00 
Greatest amount of Stock held by any one person or cor- 
poration, 194 shares. 

Highest Loan at any one time during the past year, . . $287,677 17 

Proportion of Loan payable out of Woburn, . . Two-thirds. 

" " on which Exchange is charged, about Half. 

Amount of charges for Exchange during the last year, . $600 to $800 

Amount of Deposits drawing interest, . . . None. 

Annual Expenses, about $2,000 00 

Last semi-annual dividend, (October, 1861,) . . .4 per cent. 
Number of Stockholders present at last annual meeting, 17 
Number of shares represented " " " 453 



No Loans to or from other Banks during the last year. 



16 



BANK COMMISSIONERS' REPORT. 



[Oct. 



CHARLES RIVER BANK— CAMBRIDGE. 

[November 8, 1861.] 

Charles C. Little, President. Cashier, Eben Snow. 



Capital, 
Circulation, 
Deposits, . 
Bank Balances, 
Profits on hand, 



Immediate Liabilities, . 



$100,000 00 
59,050 00 
61,403 47 

7,574 89 



$228,028 36 



$120,453 47 



Loan, 

Real Estate, 

Checks and Bills of 
other Banks, . 

Bank Balances, . 

Specie, 



Immediate Resources, 



*$189,008 74 
6,761 00 

23,972 81 
8,285 81 



$228,028 36 



$32,258 62 



Overdue or Suspended Paper, $2,900. Probable loss, not over $500. 



Number of Directors, 7 

Stock owned by Directors, I 55 shares. 

Amount of Directors' Liabilities, $23,220 00 

Largest indebtedness of any one individual or company, . 13,639 00 
Loan on Stock of the Bank, (on 51 shares,) . . . 5,100 00 
Greatest amount of Stock held by any one person or cor- 
poration, 80 shares. 

Highest Loan at any one time during the past year, . . $214,516 00 

Proportion of Loan payable out of Cambridge, about One-third. 

" " on which Exchange is charged, probably 

not One-twentieth. 

Amount of charges for Exchange during the last year, . $200 to $300 

Amount of Deposits drawing interest, . . . None. 

Annual Expenses, about $2,500 00 

Last semi-annual dividend, (October, 1861,) . . 3 per cent. 

Number of Stockholders present at last annual meeting, 12 
Number of shares represented " " " 97 

No Loans to or from other Banks during the last year. 



* Including U. S. Loan, $20,000. 



1862.] 



PUBLIC DOCUMENT— No. 8. 



17 



CITY BANK OF WORCESTER— WORCESTER. 

[November 12, 1861.] 

George W. Richardson, President. Cashier, Nathaniel Paine. 



Capital, 
Circulation, 
Deposits, 
Bank Balances, 
Profits on hand, 



Immediate Liabilities, 



$400,000 00 


110,090 00 


123,056 09 


14,076 25 


$647,222 34 


$233,146 09 



Loan, 

Real Estate, 

Checks and Bills of 
other Banks, . 

Bank Balances, . 

Specie, 



Immediate Resources, $62,638 34 



$584,584 00 

5,081 57 
25,742 73 
31,814 04 



$647,222 34 



Overdue or Suspended Paper, $6,718. Probable loss, $909. 



Number of Directors, 9 

Stock owned by Directors, 189 

Amount of Directors' Liabilities, $56,260 00 

Largest indebtedness of any one individual or company, . 44,740 00 

Loan on Stock of the Bank, ..... None. 

Greatest amount of Stock held by any one person or cor- 
poration, ........ 233 shares. 

Highest Loan at any one time during the past year, . . $720,327 83 

Proportion of Loan payable out of Worcester, about Three-fourths. 

" " on which Exchange is charged, about Three-fourths. 

Amount of charges for Exchange during the last year, No account kept. 
Amount of Deposits drawing interest, . . . None. 

Annual Expenses, about $5,000 00 

Last semi-annual dividend, (October, 1861,) . . .3 per cent. 
Number of Stockholders present at last annual meeting, 10 
Number of shares represented " " " 180 



No Loans to or from other Banks during the last year. 



18 



BANK COMMISSIONERS' REPORT. 



[Oct. 



OXFORD BANK— OXFOED. 

[November 13, 1861.] 

Emory Sanford, President. Cashier, Wilson Olney. 



Capital, 
Circulation, 
Deposits, 
Bank Balances, 
Profits on hand, 



Immediate Liabilities, . 



$100,000 00 
61,085 00 
13,099 70 

7,613 73 



$181,798 43 



$74,184 70 



Loan, 

Real Estate, 

Checks and Bills of 
other Banks, . 

Bank Balances, 

Specie, 



Immediate Resources, 



$136,598 37 
3,700 00 

4,140 97 

31,591 20 

5,767 89 



$181,798 43 



$41,500 08 



Overdue or Suspended Paper, $900. Probable loss, 50 per cent. 



Number of Directors, . . . . . 9 

Stock owned by Directors, 92 shares. 

Amount of Directors' Liabilities, $24,509 00 

Largest indebtedness of any one individual or company, . 32,084 00 
Loan on Stock of the Bank, (on 10 shares,) . . . 205 60 
Greatest amount of Stock held by any one person or corpo- 
ration, 48 shares. t 

Highest Loan at any one time during the past year, . . $161,102 81 

Proportion of Loan payable out of Oxford, . . Three-fourths. 

" " on which Exchange is charged, . Three-fourths. 

Amount of charges for Exchange during the last year, $1,000 to $1,200. 

Amount of Deposits drawing interest, . . . None. 

Annual Expenses, about . $1,200 00 

Last semi-annual dividend, (October, 1861,) . . -31 per cent. 
Number of Stockholders present at last annual meeting, 14 

Number of shares represented " " " 135 



No Loans to or from other Banks during the last year. 



1862.] 



PUBLIC DOCUMENT— No. 8. 



19 



TAUNTON BANK— TAUNTON. 

[November 14, 1861.] 

Lovett Morse, President. Cashier, C. J. H. Bassett. 



Capital, 
Circulation, 
Deposits, . 
Bank Balances, . 
Profits on hand, . 


$400,000 00 

179,943 00 

175,266 70 

2,748 87 

79,610 17 


Loan, 

Real Estate, 

Checks and Bills of 
other Banks, . 

Bank Balances, 

Specie, 

Immediate Resources, 


$771,932 30 
11,000 00 

1,807 46 
30,276 02 
22,552 96 




$837,568 74 


$837,568 74: 


Immediate Liabilities, . 


.$357,958 57 


$54,636 44 



Overdue or Suspended Paper, $362. No loss expected. 



Number of Directors, ....... 9 

Stock owned by Directors, ...... 278 shares. 

Amount of Directors' Liabilities, $2,501 00 

Largest indebtedness of any one individual or company, . 107,950 00 

Loan on Stock of the Bank, (on 29 shares,) . . . 2,600 00 

Greatest amount of Stock held by any one person or corpo- 
ration, ........ 169 shares. 

Highest Loan at any one time during the past year, . . $819,238 08 

Proportion of Loan payable out of Taunton, . . Three-fourths. 
" " on which Exchange is charged, . Three-fourths. 

Amount of charges for Exchange during the last year, No account kept. 



Amount of Deposits drawing interest, 

Annual Expenses, about ...... 

Last semi-annual dividend, (October, 1861,) 

Number of Stockholders present at last annual meeting, 14 

Number of shares represented " " " 515 



None. 

$6,000 00 
. 4 per cent. 



Borrowed of other Banks during the last year, about . *$18,000 00 

Loaned to " " " " " . Nothing. 



* Paper re-discounted. 



20 



BANK COMMISSIONERS' REPORT. 



[Oct. 



BRISTOL COUNTY BANK— TAUNTON. 

[November 15, 1861-1 

Theodore Dean, President. Cashier, William Brewster. 



Capital, 
Circulation, 
Deposits, 
Bank Balances, 
Profits on hand, 



Immediate Liabilities, . 



$500,000 00 


141,107 00 


102,963 94 


3,477 38 


50,145 53 


$797,693 85 


$247,548 32 



Loan, 

Real Estate, 

Checks and Bills of 
other Banks, . 

Bank Balances, . 

Specie, 



Immediate Resources, 



$743,846 82 
10,000 00 

2,277 57 
24,841 30 
16,728 16 



$797,693 85 



$43,847 03 



Overdue or Suspended Paper, $12,391. Probable loss, about $5,000. 



Number of Directors, . . . . . . . . 9 

Stock owned by Directors, 434 shares. 

Amount of Directors' Liabilities, $25,139 00 

Largest indebtedness of any one individual or company, . 91,633 00 
Loan on Stock of the Bank, (on 5 shares,) . . . 500 00 
Greatest amount of Stock held by any one person or corpo- 
ration, 200 shares. 

Highest Loan at any one time during the past year, . . $791,943 53 

Proportion of Loan payable out of Taunton, about . Three-fourths. 

" " on which Exchange is charged, about Two-thirds. 

Amount of charges for Exchange during the last year, Not known. 
Amount of Deposits drawing interest, .... $5,500 00 

Annual Expenses, about • • 3,875 00 

Last semi-annual dividend, (October, 1861,) . . . 4 per cent. 
Number of Stockholders present at last annual meeting, . 5 
Number of shares represented " " 296 

No Loans to or from other Banks during the last year. 



1862.] 



PUBLIC DOCUMENT— No. 8. 



21 



GRANITE BANK— BOSTON. 

[December 11, 1861.] 

James H. Beal, President. Cashier, Andrew J. Loud. 



Capital, 
Circulation, 
Deposits,* . 
Bank Balances, 
Profits on hand, 



Immediate Liabilities, . 



$900,000 00 


138,939 00 


790,820 57 


120,153 46 


89,611 59 


$2,039,524 62 


$1,049,913 03 



Loan, 

Bank of Mutual Re- 
demption, 

Checks and Bills of 
other Banks, . 

Bank Balances, . 

Specie, 



Immediate Resources, 



$1,527,959 51 

5,000 00 

84,017 00 
228,000 00 
199,548 11 



!,039,524 62 



$511,565 11 



Overdue or Suspended Paper, $65,767. Probable loss, $4,864. 



Number of Directors, 

Stock owned by Directors, ..... 

Amount of Directors' Liabilities, .... 

Largest indebtedness of any one individual or company, 
Loan on Stock of the Bank, (on 9 shares,) 
Greatest amount of Stock held by any one person or cor 
poration, ........ 

Highest Loan at any one time during the past year, . 
Proportion of Loan payable out of Boston, about 

" on which Exchange is charged, about 

Amount of charges for Exchange during the last year, 
Amount of Deposits drawing interest, 

Annual Expenses, 

Last semi-annual dividend, (October, 1861,) 

Number of Stockholders present at last annual meeting, 

Number of shares represented " " " 

Borrowed of other Banks during the last year, 
Loaned to " " " " " 



. 9 

116 shares. 

$59,300 00 

90,000 00 

800 00 

340 shares. 

$1,752,315 22 
One-sixth. 
One-sixth. 

$5,768 52 
None. 

$13,000 00 
. 3 per cent. 

12 
915 

$1,475,000 00 
1,564,000 00 



* Including $183,000 on account of U. S. Loan. By the terms of the loans negotiated by 
the Secretary of the Treasury of the United States -with the associated banks of New York, 
Philadelphia and Boston, the whole amount subscribed by any institution was to bear interest 
from the date of the subscription. Many institutions, accordingly, treating it as a loan already- 
made, passed the amount to the credit of the United States as a deposit, until the instalments were 
called for, adding an equal sum to their discount line. 



22 



BANK COMMISSIONERS' REPORT. 



[Oct. 



BANK OF NORTH AMERICA— BOSTON. 

[December 17, 1861.] 

Wm. W. Kendrick, President. CasJiier, John K. Hall. 



Capital, 
Circulation, 
Deposits,* . 
Bank Balances, . 
Profits on hand, . 


$750,000 00 

115,667 00 

619,493 40 

38,300 01 

55,582 85 


Loan,f 

Real Estate, 

Checks and Bills of 
other Banks, . 

Bank Balances, 

Specie, 

Immediate Resources, 


$1,414,219 94 

49,392 38 
27,386 42 
88,044 52 




$1,579,043 26 


$1,579,043 26 


Immediate Liabilities, . 


$773,460 41 


$164,823 32 



Overdue or Suspended Paper, $39,807.41. Probable loss, $21,196.05. 



Number of Directors, 9 

Stock owned by Directors, 216 shares. 

Amount of Directors' Liabilities, $81,563 00 

Largest indebtedness of any one individual or company, . 47,000 00 
Loan on Stock of the Bank, (on 53 shares,) . . . 4,200 00 
Greatest amount of Stock held by any one person or corpo- 
ration, 300 shares. 

Highest Loan at any one time during the past year, . . $1,444,482 73 
Proportion of Loan payable out of Boston, not quite . One-fifth. 
" " on which Exchange is charged, not 

quite One-fifth. 

Amount of charges for Exchange during the last year, about $4,000 00 

Amount of Deposits drawing interest, . . . Not stated. 

Annual Expenses, about $10,250 00 

Last semi-annual dividend, (October, 1861,) . . .3 per cent. 
Number of Stockholders present at last annual meeting, . 7 or 8. 
Number of shares represented " " " 483 



Borrowed of other Banks during the last year, 
Loaned to " " " " " 



$10,000 00 
$140,000 00 



* Including 8180,000 on account of U. S. Loan. 



t Including $433,631.92 U. S. Loan. 



1862.] 



PUBLIC DOCUMENT— No. 8. 



23 



MARKET BANK— BOSTON. 

[December 26, 1861.] 

Charles O. Whitmore, President. Cashier, Jonathan Brown, Jr. 



Capital, 
Circulation, 
Deposits,* . 
Bank Balances, . 
Profits on hand, . 



Immediate Liabilities, 



$560,000 00 

99,861 00 

417,385 89 

166,116 22 

99,518 99 



.,342,882 10 



,363 11 



Loan,f 

Bank of Mutual Re- 
demption, 

Checks and Bills of 
other Banks, . 

Bank Balances, . 

Specie, 



Immediate Resources, 



$1,099,278 31 

5,000 00 

58,506 17 

71,312 32 

108,785 30 



$1,342,882 10 



$238,603 79 



Overdue or Suspended Paper, $55,443.33. Probable loss, $42,044.67. 



Number of Directors, 9 

Stock owned by Directors, 201 shares. 

Amount of Directors' Liabilities, $59,481 00 

Largest indebtedness by any one individual or company, . 57,388 00 

Loan on Stock of the Bank, (on 36 shares,) . . . 1,950 00 

Greatest amount of Stock held by any one person or cor- 
poration, ........ 520 shares. 

Highest Loan at any one time during the past year, . . $1,232,965 75 
Proportion of Loan payable out of Boston, about . One-third. 
" " on which Exchange is charged, nearly One-third. 

Amount of charges for Exchange the last year, not over . $3,000 00 

Amount of Deposits drawing interest, . . . None. 

Annual Expenses, about $10,000 00 

Last semi-annual dividend, (October, 1861,) . . . 3-| per cent. 
Number of Stockholders present at last annual meeting, 14 
Number of shares represented " " " 424 



Borrowed of other Banks during the last year, 
Loaned to " " " " 



Nothing. 



$515,000 00 



* Including $105,000 on account of U. S. Loan. 



t Including $324,346.44, U. S. Loan. 



24 



BANK COMMISSIONERS' REPORT. 



[Oct. 



BLACKSTONE BANK— BOSTON. 

[January 8, 1862.] 

Frederick Gould, President. Cashier, Joshua Loring. 



Capital, 
Circulation, 
Deposits, . 
Bank Balances, . 
Profits on hand, . 


$750,000 00 

247,630 00 

456,304 29 

114 64 

70,395 40 


Loan, 

Keal Estate, 

Checks and Bills of 
other Banks, . 

Bank Balances, . 

Specie, 

Immediate Resources, 


$1,340,596 83 
1,510 68 

55,079 86 

16,235 17 

111,021 79 




$1,524,444 33 


$1,524,444 33 


Immediate Liabilities, . 


$704,048 93 


$182,336 82 



Overdue or Suspended Paper, $45,305. Probable loss, $25,058. 



Number of Directors, 10 

Stock owned by Directors, 262 shares. 

Amount of Directors' Liabilities, $69,126 00 

Largest indebtedness by any one individual or company, . 39,301 00 

Loan on Stock of the Bank, (on 317 shares,) . . . 24,602 00 

Greatest amount of Stock held by any one person or cor- 
poration, ........ 340 shares. 

Highest Loan at any one time during the past year, . . $1,331,71B 76 
Proportion of Loan payable out of Boston, about . One-fourteenth. 
" " on which Exchange is charged, about One-fourteenth. 

Amount of charges for Exchange during the last year, Not known. 
Amount of Deposits drawing interest, 
Annual Expenses, about ...... 

Last semi-annual dividend, (October, 1861,) 

Number of Stockholders present at last annual meeting. 

Number of shares represented " " " 

Borrowed of other Banks during the last year, 
Loaned to " " " " 



. 


$12,000 00 


. 3 pei 


p cent. 


25 




754 




. 


$50,000 00 


. 


5,000 00 



1862.] 



PUBLIC DOCUMENT— No. 8. 



25 



ATLAS BANK— BOSTON. 

[January 14, 1862] 



M. Day Kimball, President. 



Cashier, Joseph White. 



Capital, 
Circulation, 
Deposits,* . 
Bank Balances, 
Profits on hand, 



Immediate Liabilities, 



$1,000,000 00 


129,913 00 


468,329 40 


224,559 51 


94,385 68 


$1,917,187 59 


$822,801 91 



Loan,f 

Real Estate, 

Checks and Bills of 
other Banks, . 

Bank Balances, 

Specie, 



Immediate Resources, 



$1,756,330 77 

101,895 65 

856 28 

58,104 89 



$1,917,187 59 



$160,856 82 



Overdue or Suspended Paper, $72,736. Probable loss, $36,640. 



Number of Directors, ....... 9 

Stock owned by Directors, 147 shares. 

Amount of Directors' Liabilities, $143,606 00 

Largest indebtedness of any one individual or company, . 162,000 00 

Loan on Stock of the Bank, (on 8 shares,) . . . 600 00 

Greatest amount of Stock held by any one person or corpo- 



500 shares. 

$2,007,447 60 



Jtof 
itof. 



ration, ........ 

Highest Loan at any one time during the past year,! . 
Proportion of Loan payable out of Boston, 

" " on which Exchange is charged, . 

Amount of charges for Exchange during the last year, 
Amount of Deposits drawing interest, 

Annual Expenses, about 

Last semi-annual dividend, (October, 1861,) 

Number of Stockholders present at last annual meeting, Not known. 

Number of shares represented " " " 1,444 



$21,666 93 

116,994 50 

12,500 00 
3 per cent. 



Borrowed of other Banks during the last year, 
Loaned to " " " " " 



.,255,000 00 
205,000 00 



* Including 8117,000 on account of U. S. Loan. t Including $599,397.88 U. S. Loan. 

% Including 8716,357.88 Loan to Government. 
4 



26 



BANK COMMISSIONERS' REPORT. 



[Oct. 



SHOE AND LEATHER DEALERS' BANK— BOSTON. 

[January 21, 1862.] 

Caleb Stetson, President. Cashier, Samuel Carr. 



Capital, 
Circulation, 
Deposits, 
Bank Balances, 
Profits on band, 



Immediate Liabilities, 



ii,ooo,ooo oo \ 


146,726 00 


476,619 53 


547,144 60 


176,646 03 


82,347,136 16 


$1,170,490 13 



Loan, 

Real Estate, 

Checks and Bills of 
other Banks, . 

Bank Balances, . 

Specie, 



Immediate Resources, 



81,736,903 91 
70,000 00 

107,109 54 
228,521 44 
204,601 27 



82,347,136 16 



8540,232 25 



Overdue or Suspended Paper, 819,476. Probable loss, 85,997. 



Number of Directors, 11 

Stock owned by Directors, ..... 859 shares. 

Amount of Directors' Liabilities, 876,903 00 

Largest indebtedness of any one individual or company, . 73,783 00 
Loan on Stock of the Bank, (on 97 shares,) . . . 9,200 00 
Greatest amount of Stock held by any one person or corpo- 
ration, 550 shares. 

Highest Loan at any one time during the past year, . . 81,897,177 01 
Proportion of Loan payable out of Boston, about . Two-fifths. 

; ' " on which Exchange is charged, about Three-eighths. 

Amount of charges for Exchange during the last year, No account kept. 
Amount of Deposits drawing interest, . . . Not stated. 

Annual Expenses, about 814,000 00 

Last semi-annual dividend, (October, 1861,) . . 4£ per cent. 
Number of Stockholders present at last annual meeting, 12 or 15. 
Number of shares represented " " " 1,761 



Borrowed of other Banks during the last year, 
Loaned to " " " " " 



8530,000 00 
8700,000 to 8800,000 



1862.] 



PUBLIC DOCUMENT— No. 8. 



27 



MERCANTILE BANK— SALEM. 

[January 30, 1862.] 

John Dwyer, President. Cashier, Joseph H. Phippen. 



Capital, 
Circulation, 
Deposit, 
Bank Balances, 
Profits on hand, 



Immediate Liabilities, . 



^200,000 00 
37,787 00 
58,532 01 

11,892 90 



$308,211 91 



$96,319 01 



Loan, 

Real Estate, 

Checks and Bills of 
other Banks, . 

Bank Balances, . 

Specie, 



Immediate Resources, 



$281,827 93 
5,000 00 

1,142 00 

11,546 07 

8,695 91 

$308,211 91 



$21,383 98 



Overdue or Suspended Paper, $25,428. Probable loss, $8,620. 



Number of Directors, 7 

Stock owned by Directors, 48 shares. 

Amount of Directors' Liabilities, $31,675 00 

Largest indebtedness by any one individual or company, . 28,009 00 

Loan on Stock of the Bank, (on 37 shares,) . . . 2,855 00 

Greatest amount of Stock held by any one person or cor- 
poration, ........ 54 shares. 

Highest Loan at any one time during the past year, . . $306,157 39 

Proportion of Loan payable out of Salem, . . Three-fifths. 

" " on which Exchange is charged, . One-third. 

Amount of charges for Exchange during the last year, about $700 00 

Amount of Deposits drawing interest, . . . None. 

Annual Expenses, $2,600 00 

Last semi-annual dividend, (April, 1861,) ... 3 per cent. 
Number of Stockholders present at last annual meeting, Few. 
Number of shares represented " " " 25 



No Loans to or from other Banks during the last year. 



28 



BANK COMMISSIONERS' REPORT. 



[Oct. 



EXCHANGE BANK— BOSTON. 

[February 4, 1862.] 

George W. Thayer, President. Cashier, Joseph M. Marsh. 



Capital, 
Circulation, 
Deposits, 
Bank Balances, 
Profits on hand, 



Immediate Liabilities, 



$1,000,000 00 


216,760 00 


554,411 24 


681,010 53 


204,123 24 


$2,656,305 01 


$1,452,181 77 



Loan, 

Bank of Mutual Re- 
demption, 

Checks and Bills of 
other Banks, . 

Bank Balances, 

Specie, 



Immediate Resources, 



>,159,444 58 

20,000 00 

127,125 84 
167,031 18 
182,703 41 



$2,656,305 01 



$476,860 43 



Overdue or Suspended Paper* $147,977. Estimated loss, $49,000. 



Number of Directors, 9 

Stock owned by Directors, 212 shares. 

Amount of Directors' Liabilities, $169,405 00 

Largest indebtedness of any one individual or company, . 52,400 00 
Loan on Stock of the Bank, (on 58 shares,) . . . 3,000 00 
Greatest amount of Stock held by any one person or corpo- 
ration, 350 shares. 

Highest Loan at any one time during the past year,f . . $2,288,400 79 
Proportion of Loan payable out of Boston, about . One-fourth. 
" " on which Exchange is charged, about One-fourth. 

Amount of charges for Exchange during the last year, about . $3,000 00 

Amount of Deposits drawing interest, . . . Not stated. 
Annual Expenses, about ....... $20,000 00 

Last semi-annual dividend, (October, 1861,) . . .4 per cent. 
Number of Stockholders present at last annual meeting, 17 
Number of shares represented " " " 554 



Borrowed of other Banks during the last year, 
Loaned to " " " " " % 



$56,000 00 
2,760,000 00 



* A large proportion of this is secured by collateral. t Including Loans to the United States. 
X Of which $2,053,000 was to the Bank of Mutual Redemption. 



1862.] 



PUBLIC DOCUMENT— No. 8. 



29 



BANK OF COMMERCE— BOSTON. 

[February 11, 1862.] 

Benjamin E. Bates, President. Cashier, Caleb H. Warner. 



Capital, 
Circulation, 
Deposits, 
Bank Balances, 
Profits on hand, 



Immediate Liabilities, . 



$2,000,000 00 


270,143 00 


976,866 30 


719,739 42 


142,644 64 


$4,109,393 36 


$1,966,748 72 



Loan, 

Real Estate, 

Checks and Bills of 
other Banks, . 

Bank Balances, . 

Specie, 



Immediate Resources, 



$3,343,274 63 
6,908 53 

285,856 04 
121,542 28 
351,811 88 



1,109,393 36 



$759,210 20 



Overdue or Suspended Paper, $97,142. Probable loss, $12,000 * 



Number of Directors, ....... 9 

Stock owned by Directors, ..... 183 shares. 

Amount of Directors' Liabilities, $187,40100 

Largest indebtedness of any one individual or company, . 100,000 00 
Loan on Stock of the Bank, (on 230 shares,) . . . 21,969 00 
Greatest amount of Stock held by any one person or cor- 
poration, 633 shares. 

Highest Loan at any one time during the past year, . . $3,778,542 40 
Proportion of Loan payable out of Boston, . . \ to J. 

" " on which Exchange is charged, about One-third. 

Amount of charges for Exchange during the last year, . $11,600 00 

Amount of Deposits drawing interest, .... 160,691 66 

Annual Expenses, 19,700 00 

Last semi-annual dividend, (October, 1861,) . . 3 per cent. 
Number of Stockholders present at last annual meeting, Not stated. 
Number of shares represented " " " 1,542. 



Borrowed of other Banks during the last year, 
Loaned to " " " « « 



"In a few instances."! 
" Sometimes."! 



* More than enough to cover this will be realized, it is expected, from paper charged off. 
t Amounts not stated. 



30 



BANK COMMISSIONERS' REPORT. 



[Oct. 



MAVERICK BANK— BOSTON. 

[February 18, 1862.] 

Samuel Hall, President. Cashier, Samuel Phillips, Jr. 



Capital, 
Circulation, 
Deposits, 
Bank Balances, 
Profits on hand, 



Immediate Liabilities, . 



$400,000 00 


71,428 00 


174,614 97 


1,997 33 


26,592 98 


$674,633 28 


$248,040 30 



Loan, 

Bank of Mutual Re- 
demption, 

Checks and Bills of 
other Banks, . 

Bank Balances, . 

Specie, 



Immediate Resources, 



$595,262 42 

5,000 00 

33,520 91 

6,043 62 

34,806 33 



$674,633 28 



$74,370 86 



Overdue or Suspended Paper, $13,153. Estimated loss, $5,437. 



Number of Directors, 7 

Stock owned by Directors, ..... 183 shares. 

Amount of Directors' Liabilities, $88,818 00 

Largest indebtedness of any one individual or company, . 39,023 00 
Loan on Stock of the Bank, (on 33 shares,) . . . 2,985 00 
Greatest amount of Stock held by any one person or corpo- 
ration, 200 shares. 

Highest Loan at any one time during the past year, . . $725,763 50 

Proportion of Loan payable out of Boston, about . One-fourth. 
" " on which Exchange is charged, about One-fourth. 

Amount of charges for Exchange during the last year, $2,000 to $3,000. 
Amount of Deposits drawing interest, . . . None. 

Annual Expenses, • $8,000 00 

Last semi-annual dividend, (October, 1861,) . . - 3| per cent. 
Number of Stockholders present at last annual meeting, 62 votes cast. 
Number of shares represented " " " 410 



Borrowed of other Banks during the last year, 
Loaned to " " " " " 



Nothing. 

" Occasionally.' 



1862.] 



PUBLIC DOCUMENT— No. 8. 



31 



HOWARD BANK— BOSTON. 

[February 20, 1862.] 

Reuben E. Demmon, President. Cashier, George E. Hersey. 



Capital, 
Circulation, 
Deposits, 
Bank Balances, 
Profits on hand, 



Immediate Liabilities, . 



$500,000 00 


183,951 00 


178,231 24 


49,394 66 


76,477 99 


$988,054 89 


$411,576 90 



Loan,* 

Real Estate, 

Checks and Bills of 
other Banks, . 

Bank Balances, . 

Specie, 



Immediate Resources, 



$889,982 52 

50,041 21 

6,000 00 

42,031 16 



$988,054 89 



,072 37 



Overdue or Suspended Paper, $39,613.55. Probable loss, $29,171.93. 



Number of Directors, 9 

Stock owned by Directors, 73 shares. 

Amount of Directors' Liabilities, $124,822 00 

Largest indebtedness of any one individual or company, . 36,366 00 
Loan on Stock of the Bank, (on 63 shares,) . . . $5,989 90 
Greatest amount of Stock held by any one person or corpo- 
ration, 200 shares. 

Highest Loan at any one time during the past year, . . $982,999 68 

Proportion of Loan payable out of Boston, . . Small. 
" " on which Exchange is charged, . Small. 

Amount of charges for Exchange during the last year, not 

over $1,000 00 

Amount of Deposits drawing interest, . . . $25,000 to $50,000. 

Annual Expenses, about $9,000 00 

Last semi-annual dividend, (October, 1861,) . . . 3 per cent. 
Number of Stockholders present at last annual meeting, 75 votes cast. 
Number of shares represented " " " 357 



Borrowed of other Banks during the last year, 
Loaned to " " " " « 



Nothing. 

Amount not stated. 



* Including $263,750 U. S. Loan. 



32 



BANK COMMISSIONERS' REPORT. 



[Oct. 



FANEUIL HALL BANK— BOSTON. 

[February 27, 1862.] 

Nathan Bobbins, President. Cashier, Jonas Bennett. 



Capital, 
Circulation, 
Deposits, 
Bank Balances, 
Profits on hand, 



Immediate Liabilities, 



$500,000 00 

179,756 00 

370,086 63 

35,000 00 



108,589 34 



.,193,431 97 



$584,842 63 



Loan, 

Real Estate, 

Checks and Bills of 
other Banks, . 

Bank Balances, 

Specie, 



Immediate Resources, 



$989,764 84 
60,000 00 

89,700 54 
12,679 77 
41,286 82 



.,193,431 97 



$143,667 13 



Overdue or Suspended Paper, $6,922. Probable loss $2,000. 



Number of Directors, 9 

Stock owned by Directors, 376 shares. 

Amount of Directors' Liabilities, $95,029 00 

Largest indebtedness of any one individual or company, . 40,000 00 

Loan on Stock of the Bank, (on 240 shares,) . . . 21,800 00 

Greatest amount of Stock held by any one person or cor- 
poration, 200 shares. 

Highest Loan at any one time during the past year,* . . $1,234,312 61 

Proportion of Loan payable out of Boston, 

" " on which Exchange is charged, . 

Amount of charges for Exchange during the last year, 

Amount of Deposits drawing interest, 

Annnal Expenses, about . . . . . . 

Last semi-annual dividend, (October, 1861,) 

Number of Stockholders present at last annual meeting, 

Number of shares represented " " " 



Not Jg- of 1 per ct. 
Yery small. 
Not $500. 
None. 

$7,000 00 
. 4 per cent. 
19 
641 



Borrowed of other Banks during -the year 1861, 
Loaned to " " " . " " 



$310,000 00 
105,000 00 



* Including $345,556.44, U. S. Loan. 



1862.] 



PUBLIC DOCUMENT— No. 8. 



33 



REVERE BANK— BOSTON. 

[March 4, 1862.] 

Samuel H. Walley, President. Cashier, J. W. Lefavour. 



Capital, 
Circulation, 
Deposits,* . . 
Bank Balances, . 
Profits on hand,f 


11,000,000 00 
200,538 00 

446,773 01 

_ 

36,451 09 


Loan,$ 

Real Estate, 

Checks and Bills of 
other Banks, . 

Bank Balances, . 

Specie, 

Immediate Resources, 


$1,356,669 41 

71,557 00 
150,709 08 
104,826 61 




$1,683,762 10 


$1,683,762 10 


Immediate Liabilities, . 


$647,311 01 

| 


$327,092 69 



Overdue or Suspended Paper, $26,149. Probable loss, " small, if any." 



Number of Directors, 9 

Stock owned by Directors, ..... 185 shares. 

Amount of Directors' Liabilities, ..... $65,750 00 

Largest indebtedness of any one individual or company, . 50,000 00 

Loan on Stock of the Bank, (on 85 shares,) . . . 6,300 00 

Greatest amount of Stock held by any one person or cor- 
poration, ........ 300 shares. 

Highest Loan at any one time during the past year, . . $1,896,567 89 
Proportion of Loan payable out of Boston, 

" " on which Exchange is charged, . 

Amount of charges for Exchange during the last year, 
Amount of Deposits drawing interest, 
Annual Expenses, ....... 

Last semi-annual dividend, (October, 1861,) 

Number of Stockholders present at last annual meeting, Not stated. 

Number of shares represented " " " 260 



i to K 

Small. 

$3,780 00 
21,424 83 
12,700 00 

2\ per cent. 



Borrowed of other Banks during the last year, 
Loaned to " " " " 



$665,000 00 
295,000 00 



* Including $24,868 on account of U. S. Loan. 

t Exclusive of a large amount of interest earned on Bonds, but not due. 

Z Including Public Stocks, $461,000. 



34 



BANK COMMISSIONERS' REPORT. 



[Oct. 



ELIOT BANK— BOSTON. 

[March 11, 1862.] 

John N. Turner, President. Cashier, Robert L. Day. 



Capital, 

Circulation, 
Deposits, 
Bank Balances, 
Profits on hand, 



$600,000 00 


106,306 00 


263,979 43 ! 


105,979 59 


84,593 50 


81,160,858 52 


$476,265 02 



Loan, 

Bank of Mutual Re- 
demption, 

Checks and Bills of 
other Banks, . 

Bank Balances, . 

Specie, 



Immediate Resources, 



$927,381 75 

5,000 00 

69,932 28 

114,714 49 

43,830 00 



$1,160,858 52 



$228,476 77 



Overdue or Suspended Paper, S63,224. Probable loss, $17,000. 



Number of Directors, 

Stock owned by Directors, 

Amount of Directors' Liabilities, .... 

Largest indebtedness of any one individual or company, 
Loan on Stock of the Bank, (on 1 share,) 
Greatest amount of Stock held by any one person or cor 
poration, ........ 

Highest Loan at any one time during the past year, . 
Proportion of Loan payable out of Boston, about 

" " on which Exchange is charged, about 

Amount of charges for Exchange during the last year, 
Amount of Deposits drawing interest, 
Annual Expenses, about ...... 

Last semi-annual dividend, (October, 1861,) 

Number of Stockholders present at last annual meeting, 

Number of shares represented " " " 



74 shares. 

8122,647 00 

44,484 00 

95 00 

400 shares. 

81,033,229 00 
One-fifth. 
One-fifth. 
No account kept. 
Not stated. 

610,000 00 
. 3 per cent. 

13 
667 



No Loans to or from other Banks during the last year. 



1862.] 



PUBLIC DOCUMENT— No. 8. 



35 



NATIONAL BANK— BOSTON. 

[March 13, 1862.] 

Lyman Nichols, President. Cashier, Charles B. Hall. 



Capital, 

Circulation, 

Deposits, 

Bank Balances, . 

Profits on hand, . 


$750,000 00 

78,602 00 

227,059 01 

54,907 64 

26,922 66 


Loan, 

Real Estate, 

Checks and Bills of 
other Banks, . 

Bank Balances, 

Specie, 

Immediate Resources, 


$1,030,677 79 

24,903 36 
14,212 61 
67,697 55 




$1,137,491 31 


$1,137,491 31 


Immediate Liabilities, . 


•$360,56S 65 


$106,813 52 



Overdue or Suspended Paper, $136,767.86. Estimated loss, $37,037. 



Number of Directors, ....... 9 

Stock owned by Directors, ..... 107 shares. 

Amount of Directors' Liabilities, $135,371 00 

Largest indebtedness of any one individual or company, . 44,647 00 
Loan on Stock of the Bank, (on 4 shares,) . . . 347 00 
Greatest amount of Stock held by any one person or corpo- 
ration, 250 shares. 

Highest Loan at any one time during the past year, . . $1,198,087 80 
Proportion of Loan payable out of Boston, about . One-fourth. 
" " on which Exchange is charged, about One-fourth. 

Amount of charges for Exchange during the last year, No account kept. 
Amount of Deposits drawing interest, .... $50,000 00 

Annual Expenses, about 10,000 00 

Last semi-annual dividend, (October, 1861,) . . .3 per cent. 
Number of Stockholders present at annual meeting, about 15 
Number of shares represented " " " 946 



Borrowed of other Banks during the last year, 
Loaned to " " " " " 



$145,000 00 
120,000 00 



36 



BANK COMMISSIONERS' REPORT. 



[Oct. 



LYNN MECHANICS' BANK— LYNN. 

[March 25, 1862.] 

Micajah C. Pratt, President. Cashier, William Bassett. 



Capital, 

Circulation, 

Deposits, 

Bank Balances, . 

Profits on hand, . 


1250,000 00 

92,823 00 

102,276 86 

6,914 21 

42,401 09 


Loan, 

Real Estate, 

Checks and Bills of 
other Banks, . 

Bank Balances, 

Specie, 

Immediate Resources, 


$410,844 62 
12,000 00 

7,708 00 
46,098 48 
17,767 09 




$191,118 19 


$191,418 19 


Immediate Liabilities, . 


$202,011 10 , 


$71,573 57 



Overdue or Suspended Paper, $18,074.65. Probable loss, $3,000. 



Number of Directors, . . . . . . .8 

Stock owned by Directors, . . . . . . 168 shares. 

Amount of Directors' Liabilities, $50,350 00 

Largest indebtedness of any one individual or company, . 17,150 00 
Loan on Stock of the Bank, (on 56 shares,) . . . 1,718 00 
Greatest amount of Stock held by any one person or corpo- 
ration, 188 shares. 

Highest Loan at any one time during the past year, . . $123,005 00 

Proportion of Loan payable out of Lynn, about . Half. 

" " on which Exchange is charged, about Half. 

Amount of charges for Exchange during the last year, . $2,115 00 

Amount of Deposits drawing interest, . . . None. 
Annual Expenses, about ....... $3,500 00 

Last semi-annual dividend, (October, 1861,) . . .4 per cent. 
Number of Stockholders present at last annual meeting, . 8 
Number of shares represented " " " 428 



No Loans to or from other Banks during the last year. 



1862.] 



PUBLIC DOCUMENT— No. 8. 



37 



CAMBRIDGE CITY BANK— CAMBRIDGE. 

[March 28, 1862.] 

John Livermore, President. Cashier, Edward Richardson. 



Capital, 
Circulation, 
Deposits, . 
Bank Balances, 
Profits on hand, 



Immediate Liabilities, . 



$100,000 00 

72,716 00 

33,463 55 

1,281 96 

10,651 74 



$218,113 25 



$107,461 51 



Loan, 

Real Estate, 

Checks and Bills of 
other Banks, . 

Bank Balances, . 

Specie, 



Immediate Resources, 



$187,375 96 

1,109 94 
19,550 88 
10,076 47 



$218,113 25 



$30,737 29 



Overdue or Suspended Paper, $8,547. Probable loss, $1,300. 



Number of Directors, ...... 

Stock owned by Directors, ..... 

Amount of Directors' Liabilities, .... 

Largest indebtedness of any one individual or company, 

Loan on Stock of the Bank, (on 36 shares,) 

Greatest amount of Stock held by any one person or cor 

poration, 

Highest Loan at any one time during the past year, . 
Proportion of Loan payable out of Cambridge, . 

" " on which Exchange is charged, . 

Amount of charges for Exchange during the last year, 
Amount of Deposits drawing interest, 
Annual Expenses, ....... 

Last semi-annual dividend, (October, 1861,) 

Number of Stockholders present at last annual meeting, 

Number of shares represented " " " 



55 shares. 

$13,682 00 

13,555 00 

2,500 00 

100 shares. 

$213,219 27 
Two-thirds. 
Very small. 

$361 14 
None. 

$2,350 00 
. 3 per cent. 
. 4 or 5. 
248 



No Loans to or from other Banks during the last year. 



38 



BANK COMMISSIONERS' REPORT. 



[Oct. 



APPLETON BANK— LOWELL. 

[April 2, 1862.] 

John A. Knowles, President. Cashier, John F. Kimball. 



Capital, 
Circulation, 
Deposits, 
Bank Balances, 
Profits on hand, 



Immediate Liabilities, . 



$200,000 00 
160,521 00 
111,267 20 

24,271 91 



8199,063 11 



$274,788 20 



Loan, 

Real Estate, 

Checks and Bills of 
other Banks, . 

Bank Balances, 

Specie, 

Bank of Mutual Re- 
demption, 



Immediate Resources, 



$383,114 32 
24,000 00 

24,805 21 
47,596 45 
14,547 13 

5,000 00 



$499,063 11 



$86,948 79 



Overdue or Suspended Paper, $2,034.85. Probable loss, nothing. 



Number of Directors, . . . . . . 10 

Stock owned by Directors, ..... 179 shares. 

Amount of Directors' Liabilities, ..... $26,654 00 

Largest indebtedness of any one individual or company, . 60,327 00 

Loan on Stock of the Bank, (on 4 shares,) . . . 200 00 

Greatest amount of Stock held by any one person or corpo- 
ration, ........ 200 shares. 

Highest Loan at any one time during the past year, . . *$417,660 20 

Proportion of Loan payable out of Lowell, about 

" " on which Exchange is charged, . 

Amount of charges for Exchange during the last year, 

Amount of Deposits drawing interest, 

Annual Expenses, about ...... 

Last semi-annual dividend, (April, 1862,) . 

Number of Stockholders present at last annual meeting, 10 to 15. 

Number of shares represented " " " 309 



Half. 

Very small. 
Very small. 
None. 

$3,000 00 
5 per cent. 



Borrowed of other Banks during the last vear, 
Loaned to " " " " " 



$20,000 00 



Nothing. 



* Including 825,000 U. S. Treasury Notes. 



1862.] 



PUBLIC DOCUMENT— No. 8. 



89 



ESSEX BANK— HAVERHILL. 

[April 8, 1862.] 

James Gale, President. Cashier, William Caldwell. 



Capital, 
Circulation, 
Deposits, 
Bank Balances, 
Profits on hand, 



Immediate Liabilities, 



1100,000 00 


47,665 


00 


10,578 


16 


2,340 


53 


5,689 


10 


$166,272 79 


$60,583 


69 



Loan, 

Heal Estate, 

Checks and Bills of 
other Banks, . 

Bank Balances, . 

Specie, 

Bank of Mutual Re 
demption, 



Immediate Resources, 



$131,834 04 
8,000 00 

2,368 70 

17,062 70 

4,007 35 

3,000 00 



$166,272 79 



$23,438 75 



Overdue or Suspended Paper, $40,000. Probable loss, $12,000. 



Number of Directors, ...... 

Stock owned by Directors, ..... 

Amount of Directors' Liabilities, .... 

Largest indebtedness of any one individual or company, 
Loan on Stock of the Bank, ..... 

Greatest amount of Stock held by any one person or cor 
poration, ........ 

Highest Loan at any one time during the past year, . 
Proportion of Loan payable out of Haverhill, . 

" " on which Exchange is charged, . 

Amount of charges for Exchange during the last year, 
Amount of Deposits drawing interest, 
Annual Expenses, ....... 

Last semi-annual dividend, (October, 1861,) 

Number of Stockholders present at last annual meeting, 

Number of shares represented " " " 



6 
34 shares. 



$9,270 00 
16,000 00 



None. 



318 shares. 

$159,276 05 
Three-fourths. 
Three-fourths. 
Not stated. 
None. 

$1,800 00 
. 3 per cent. 

12 
164 



No Loans to or from other Banks during the last year. 



40 



BANK COMMISSIONERS' REPORT. 



[Oct. 



NAUMKEAG BANK— SALEM. 

[April 10, 1862.] 

David Pingree, President. Cashier, J. H. Towne. 



Capital, 
Circulation, 
Deposits, . 
Bank Balances, 
Profits on hand, 



Immediate Liabilities, . 



$500,000 00 


137,386 00 


192,493 94 


670 53 


30,751 33 


$861,304 80 


$330,550 47 



Loan, 

Real Estate, 

Checks and Bills of 
other Banks, . 

Bank Balances, 

Specie, 



Immediate Resources, 



$778,055 15 
2,000 00 

8,585 53 
44,872 35 
27,791 77 



$861,304 80 



£71,249 65 



Overdue or Suspended Paper, $43,313.26. Probable loss, $1,850. 



Number of Directors, 9 

Stock owned by Directors, 206 shares. 

Amount of Directors' Liabilities, $209,599 00 

Largest indebtedness of any one individual or company, . 199,385 93 

Loan on Stock of the Bank, (on 253 shares,) . . . 10,633 94 

Greatest amount of stock held by any one person or corpo- 
ration, 194 shares. 

Highest Loan at any one time during the past year, . . $820,579 32 

Proportion of Loan payable out of Salem, about 

" " on which Exchange is charged, . 

Amount of charges for Exchange during the last year, 

Amount of Deposits drawing interest, about 

Annual Expenses, about ...... 

Last semi-annual dividend, (April, 1862,) . 

Number of Stockholders present at last annual meeting, 

Number of shares represented " " " 



Half. 

Very small. 

No account kept. 

$22,000 00 
4,500 00 
. 3 per cent. 
. 9 
345 



No Loans to or from other Banks during the last year. 



1862.] 



PUBLIC DOCUMENT— No. 8. 



41 



ASIATIC BANK— SALEM. 

[April 11, 1862.] 

Leonard B. Harrington, President. Cashier, William H. Foster. 



Capital, 
Circulation, 
Deposits, . 
Bank Balances, . 
Profits on hand, . 


$315,000 00 

76,667 00 

140,860 46 

18,202 54 

12,586 91 


Loan, 

Real Estate, 

Checks and Bills of 
other Banks, . 

Bank Balances, . 

Specie, . 

Immediate Resources, 


$441,984 29 
35,000 00 

12,359 59 
60,206 87 
13,766 16 




$563,316 91 


$563,316 91 


Immediate Liabilities, . 


$235,730 00 


$86,332 62 



Overdue or Suspended Paper, $32,742.86. Probable loss, $10,000. 



Number of Directors, ....... 8 

Stock owned by Directors, 345 shares. 

Amount of Directors' Liabilities, $42,900 00 

Largest indebtedness of any one individual or company, . 42,900 00 
Loan on Stock of the Bank, (on 20 shares,) . . . 550 00 
Greatest amount of Stock held by any one person or cor- 
poration, 360 shares. 

Highest Loan at any one time during the past year, . . $487,796 19 

Proportion of Loan payable out of Salem, . . Three-fourths. 

" " on which Exchange is charged, . " Next to none.*' 

Amount of charges for Exchange during the last year, about $300 00 

Amount of Deposits drawing interest, . . . None. 

Annual Expenses, about $3,300 00 

Last semi-annual dividend, (April, 1862,) . . 2 per cent. 

Number of Stockholders present at last annual meeting, 5 or 6. 
Number of shares represented " " " 93 



No Loans to or from other Banks during the last year. 



42 



BANK COMMISSIONERS' REPORT. 



[Oct. 



MECHANICS' BANK—WORCESTER. 

[April 15, 1862.] 



Harrison Bliss, President. 



Cashier, Scotto Berry. 



Capital, 
Circulation, 
Deposits, . 
Bank Balances, . 
Profits on hand, . 


$350,000 00 

155,487 00 

161,619 37 

705 15 

41,087 63 


Loan, 

Bank of Mutual Re- 
demption, 

Checks and Bills of 
other Banks, . 

Bank Balances, . 

Specie, 

Immediate Resources, 


$587,023 28 

6,000 00 

28,523 00 
71,065 35 
16,287 52 




$708,899 15 


$708,899 15 


Immediate Liabilities, 


$317,811 52 


$115,875 87 



Overdue or Suspended Paper, $6,819.50. Probable loss, $1,652. 



Number of Directors, . . . . . . .7 

Stock owned by Directors, 245 shares. 

Amount of Directors' Liabilities, $58,411 00 

Largest indebtedness of any one individual or company, . 73,484 00 
Loan on Stock of the Bank, (on 74 shares,) . . . 7,400 00 
Greatest amount of Stock held by any one person or corpo- 
ration, 274 shares. 

Highest Loan at any one time during the past year, . . $610,737 85 

Proportion of Loan payable out of Worcester, about . Three-fourths. 
" " on which Exchange is charged, about Three-fourths. 

Amount of charges for Exchange during the last year, about $6,000 00 

Amount of Deposits drawing interest, .... 24,284 00 

Annual Expenses, about 5,500 00 

Last semi-annual dividend, (April, 1862,) ... 4 per cent. 
Number of Stockholders present at last annual meeting, Not over 20. 
Number of shares represented " " " 300. $ 



No Loans to or from other Banks during the last year. 



1862.] 



PUBLIC DOCUMENT— No. 8. 
/ 



43 



WORCESTER BANK— WORCESTER. 

[April 16, 1862.] 

Stephen Salisbury, President. Cashier, William Cross. 



Capital, 
Circulation, 
Deposits, 
Bank Balances, 
Profits on hand, 



Immediate Liabilities, . 



$300,000 00 

171,539 00 

157,245 01 

11,746 99 

69,373 90 



$709,904 90 



$340,531 00 



Loan,* 

Real Estate, 

Checks and Bills of 
other Banks, . 

Bank Balances, . 

Specie, 



Immediate Resources, 



$521,987 39 
25,000 00 

15,332 80 

114,226 68 

33,358 03 



$709,904 90 



$162,917 51 



Overdue or Suspended Paper, $1,400. No loss anticipated. 



Number of Directors, ....... 7 

Stock owned by Directors, 623 shares. 

Amount of Directors' Liabilities, $35,974 00 

Largest indebtedness of any one individual or company, . 63,906 00 

Loan on Stock of the Bank, ..... None. 

Greatest amount of Stock held by any one person or cor- 
poration, ........ 416 shares. 

Highest Loan at any one time during the past year, . . $592,208 54 

Proportion of Loan payable out of Worcester, . 

" " on which Exchange is charged, . 

Amount of charges for Exchange during the last year, 
Amount of Deposits drawing interest, 
Annual Expenses, about ...... 

Last semi-annual dividend, (April, 1862,) . 

Number of Stockholders present at last annual meeting, 

Number of shares represented " " " 

No Loans to or from other Banks during the last year. 



1 to £ 

2 to 3. 

1 to a. 

No account kept. 

$40,000 00 
5,850 00 
4 per cent. 
. 9 
1,095 



* Including $140,000 U. S. Loan. 



44 



BANK COMMISSIONERS' REPORT. 



[Oct. 



BAY STATE BANK— LAWRENCE. 

[April 17, 1862.] 

Charles S. Storrow, President. Cashier, Nathaniel White. 



Capital, 
Circulation, 
Deposits, . 
Bank Balances, . 
Profits on hand, . 


$375,000 00 

193,974 00 

98,309 02 

835 40 

40,377 53 


Loan,* 

Real Estate, 

Checks and Bills of 
other Banks, . 

Bank Balances, . 

Specie, 

Immediate Resources, 


$652,659 69 
20,000 00 

5,491 64 
15,221 58 
15,123 04 




$708,495 95 


$708,495 95 


Immediate Liabilities, . 


$293,118 42 


$35,836 26 



Overdue or Suspended Paper, $29,014.61. Probable loss, $4,200. 



Number of Directors, ....... 7 

Stock owned by Directors, 127 shares. 

Amount of Directors' Liabilities, $61,389 00 

Largest indebtedness of any one individual or company, . 105,000 00 

Loan on Stock of the Bank, ..... None. 

Greatest amount of Stock held by any one person or corpo- 
ration, ........ Not stated. 

Highest Loan at any one time during the past year, . Not stated. 

Proportion of Loan payable out of Lawrence, about . Three-fourths. 
" " on which Exchange is charged, . 

Amount of charges for Exchange during the last year, . 

Amount of Deposits drawing interest, 

Annual Expenses, ....... 

Last semi-annual dividend, (April, 1862,) ... 4 per cent. 

Number of Stockholders present at last annual meeting, No record. 

Number of shares represented " " " No record. 

No Loans to or from other Banks during the last year. 



" Very trifling." 
No account kept. 
None. 

$6,250 00 



* Including $47,897-74 U. S. Loan. 



1862.] 



PUBLIC DOCUMENT— No. 8. 



45 



FRAM1NGHAM BANK— FRAMINGHAM. 

[April 18, 1862.] 

Francis Jaques, President. Cashier, Francis T. Clark. 



Capital, 

Circulation, 

Deposits, 

Bank Balances, . 

Profits on hand, . 


$200,000 00 

112,216 00 

18,629 51 

24,120 83 


Loan, 

Real Estate, 

Checks and Bills of 
other Banks, . 

Bank Balances, . 

Specie, 

Immediate Resources, 


$313,667 14 
3,000 00 

3,628 22 

26,565 87 

8,105 11 




$354,966 34 


$354,966 34 


Immediate Liabilities, . 


$130,845 51 


$38,299 20 



Overdue or Suspended Paper, $9,006.27. Probable loss, $2,163.55. 



Number of Directors, . . . . . . .9 

Stock owned by Directors, ..... 202 shares. . 

Amount of Directors' Liabilities, $29,496 00 

Largest indebtedness of any one individual or company, . 43,000 00 

Loan on Stock of the Bank, (on 25 shares,) . . . 1,935 00 

Greatest amount of Stock held by any one person or cor- 
poration, ........ 68 shares. 

Highest Loan at any one time during the past year, . . $340,300 59 

Proportion of Loan payable out of Framingham, . Seventh-eighths. 

" " on which Exchange is charged, . One-fourth. 

Amount of charges for Exchange during the last year, about . $400 



Amount of Deposits drawing interest, 
Annual Expenses, .... 
Last semi-annual dividend, (April, 1862,) 



None. 

$2,650 00 
. 4 per cent. 



Number of Stockholders present at last annual meeting, . 14 
Number of shares represented " " " No record. 



No Loans to or from other Banks during the last year. 



46 



BANK COMMISSIONERS' REPORT. 



[Oct. 



NEPONSET BANK— CANTON. 

[April 22, 1862.] 

Charles H. French, President. Cashier, Francis W. Deane. 



Capital, 
Circulation, 
Deposits, . 
Bank Balances, 
Profits on hand, 



Immediate Liabilities, . 



$100,000 00 

76,758 00 

21,420 82 

1,997 17 

21,618 55 



$221,794 54 



$100,175 99 



Loan, 

Real Estate, 

Checks and Bills of 
other Banks, . 

Bank Balances, 

Specie, 



Immediate Resources, 



$208,612 70 

10 00 
7,212 07 
5,959 77 



$221,794 54 



$13,181 84 



Overdue or Suspended Paper, $7,581.23. No loss expected. 



Number of Directors, 7 

Stock owned by Directors, . . . . . 274 shares. 

Amount of Directors' Liabilities, $30,574 00 

Largest indebtedness of any one individual or company, . 32,053 00 

Loan on Stock of the Bank, (on 2 shares,) . . . 200 00 

Greatest amount of stock held by any one person or corpo- 
ration, 84 shares. 

Highest Loan at any one time during the past year, . . $209,930 77 

Proportion of Loan payable out of Canton, 

" " on which Exchange is charged, 

Amount of charges for Exchange during the last year, 

Amount of Deposits drawing interest, 

Annual Expenses, about ...... 

Last semi-annual dividend, (April, 1862,) . 

Number of Stockholders present at last annual meeting, 

Number of shares represented " " " 



Three-fourths. 
Small. 

$944 42 
None. 

$2,300 00 
. 4 per cent. 
. 9 
454 



No Loans to or from other Banks during the last year. 



1862.] 



PUBLIC DOCUMENT— No. 8. 



47 



PRESCOTT BANK— LOWELL. 

[April 23, 1862.] 

Joel Adams, President. Cashier, A. S. Tyler. 



Capital, 
Circulation, 
Deposits, 
Bank Balances, 
Profits on hand, 



Immediate Liabilities, 



$200,000 00 
123,030 00 

62,766 25 

| 

167 18 
29,187 33 I 



$115,150 76 



$185,963 43 



Loan,* 

Real Estate, 

Checks and Bills of 
other Banks, . 

Bank Balances, . 

Specie, 



Immediate Resources, 



$339,526 29 

2,326 24 
58,843 72 
14,454 51 



$415,150 76 



$75,624 47 



Overdue or Suspended Paper, $7,655.68. Probable loss, $1,050. 



Number of Directors, ...... 

Stock owned by Directors, ...... 

Amount of Directors' Liabilities, . 

Largest indebtedness of any one individual or company, . 

Loan on Stock of the Bank, (on 26 shares,) 

Greatest amount of Stock held by any one person or cor- 



11 
287 shares. 

$9,605 00 

30,000 00 

1,590 00 



porahon, . . ... 
Highest Loan at any one time during the past year, . 
Proportion of Loan payable out of Lowell, 

" " on which Exchange is charged, . 

Amount of charges for Exchange during the last year, 
Amount of Deposits drawing interest, 
Annual Expenses, about ...... 

Last semi-annual dividend, (April, 1862,) . 

Number of Stockholders present at annual meeting, about 15 

Number of shares represented " " " 260 

No Loans to or from other Banks during the last year. 



135 shares. 

$359,897 48 
Half. 
Very small. 

$330 00 
None. 

$3,500 00 
. 4 per cent. 



* Including $27,500 Treasury Notes. 



48 



BANK COMMISSIONERS' REPORT. 



[Oct. 



WARREN BANK— SOUTH DANVERS. 

[April 24, 1862.] 

Lewis Allen, President. Cashier, Francis Baker. 



Capital, 


$250,000 00 


Loan,* 


8334,101 24 


Circulation, 


67,168 50 


Real Estate, 


6,000 00 


Deposits, 

Bank Balances, . 

Profits on hand, . 


38,502 30 

138 21 

21,224 86 


Checks and Bills of 
other Banks, . 

Bank Balances, 

Specie, 


8,255 16 

8,960 33 

14,717 14 






Bank of Mutual Re- 
demption, 

Immediate Resources, 


5,000 00 




$377,033 87 


$377,033 87 


Immediate Liabilities, . 


$105,809 01 


$31,932 63 



Overdue or Suspended Paper, $9,381.60. Probable loss, $663.84. 



Number of Directors, ....... 9 

Stock owned by Directors, ..... 210 shares. 

Amount of Directors' Liabilities, . . . . . $50,085 00 

Largest indebtedness of any one individual or company, . 38,095 00 

Loan on Stock of the Bank, . . . . . None. 

Greatest amount of Stock held by any one person or cor- 
poration, ........ 100 shares. 

Highest Loan at any one time during the past year, . . $351,098 58 

Proportion of Loan payable out of South Danvers, . Two-thirds. 

" " on which Exchange is charged, about Half. 

Amount of charges for Exchange during the last year, . $3,856 00 

Amount of Deposits drawing interest, . . . . 7,808 00 

Annual Expenses, . 2,600 00 

Last semi-annual dividend, ..... 3 per cent. 

Number of Stockholders present at last annual meeting, 12 

Number of shares represented " " " 96 votes thrown. 

No Loans to or from other Banks during the last year. 



* Including $27,200 U. S. Treasury Notes, (7 3-10ths.) 



1862.] 



PUBLIC DOCUMENT— No. 8. 



49 



ABINGTON BANK— ABINGTON. 

[April 30, 1862.] 

Baxter Cobb, President. Cashier, Judson N. Farrar. 



Capital, 
Circulation, 
Deposits, 
Bank Balances, 
Profits on hand, 



Immediate Liabilities, . 



$150,000 00 


65,624 00 


27,722 73 


144 53 


28,809 50 


$272,300 76 


$93,491 26 



Loan,* 

Real Estate, 

Checks and Bills of 
other Banks, . 

Bank Balances, . 

Specie, 

Bank of Mutual Re 
demption, 



Immediate Resources, 



$234,339 54 
6,000 00 

649 50 

18,562 47 

7,749 25 

5,000 00 



$272,300 76 



$26,961 22 



Overdue or Suspended Paper, $25,963.29. Probable loss, $10,180.55 



Number of Directors, 8 

Stock owned by Directors, 186 shares. 

Amount of Directors' Liabilities, $38,830 00 

Largest indebtedness of any one individual or company, . 11,650 00 
Loan on Stock of the Bank, (on 207 shares,) . . . 17,873 00 
Greatest amount of Stock held by any one person or cor- 
poration, . . . • 100 shares. 

Highest Loan at any one time during the past year, . . $237,176 54 

Proportion of Loan payable out of Abington, about . Three-fourths. 

" " on which Exchange is charged, about Half. 

Amount of charges for Exchange the last year, about . $1,200 00 

Amount of Deposits drawing interest, . . . None. 

Annual Expenses, about $2,000 00 

Last semi-annual dividend, (April, 1862,) . . . .31 per cent. 
Number of Stockholders present at annual meeting, about 20 
Number of shares represented " " " 314 

No Loans to or from other Banks during the last year. 



* Including $16,818 U. S. Notes and Bonds. 

7 



50 



BANK COMMISSIONERS' REPORT. 



[Oct. 



UNION BANK— HAVERHILL. 

[May 1, 1862.] 

George Coggswell, President. Cashier, Luther Johnson. 



Capital, 

Circulation, 

Deposits, 

Bank Balances, . 

Profits on hand, . 


$200,000 00 
83,725 00 
27,156 54 

25,363 91 


Loan, 

Heal Estate, 

Checks and Bills of 
other Banks, . 

Bank Balances, . 

Specie, 

Immediate Resources, 


$276,747 64 
6,086 44 

3,452 80 
36,128 53 
13,830 04 




$336,245 45 


$336,245 45 


Immediate Liabilities, . 


$110,881 54 


$53,411 37 



Overdue or Suspended Paper, $60,524.03 Probable loss, $20,000. 



Number of Directors, 7 

Stock owned by Directors, 137 shares. 

Amount of Directors' Liabilities, . . . . $34,659 00 
Largest indebtedness of any one individual or company, . 20,975 00 
Loan on Stock of the Bank, (on 28 shares,) . . . 2,600 00 
Greatest amount of Stock held by any one person or corpo- 
ration, 114 shares. 

Highest Loan at any one time during the past year, . . $315,943 03 

Proportion of Loan payable out of Haverhill, about . Three-fourths. 
" " on which Exchange is charged, . Three-fourths. 

Amount of charges for Exchange during the last year, 
Amount of Deposits drawing interest, 
Annual Expenses, about ...... 

Last semi-annual dividend, (April, 1862,) . 

Number of Stockholders present at last annual meeting, 

Number of shares represented " " " 



No account kept. 
None. 

$2,000 00 
. 3 per cent. 

[ 155 votes cast. 



No Loans to or from other Banks during the last year. 



1862.] 



PUBLIC DOCUMENT— No. 8. 



51 



LOWELL BANK— LOWELL. 

[May 2, 1862.] 

Joshua Bennett, President. Cashier, John L. Ordway. 



Capital, 
Circulation, 
Deposits, . 
Bank Balances, 
Profits on hand. 



Immediate Liabilities, . 



$200,000 00 
95,514 00 
27,673 65 

23,639 37 



1346,827 02 



$123,187 65 



Loan,* 

Bank of Mutual Re- 
demption, 

Checks and Bills of 
other Banks, . 

Bank Balances, . 

Specie, 



Immediate Resources, 



$319,023 04 

5,000 00 

4,760 40 

12,634 07 

5,409 51 



$346,827 02 



$22,803 98 



Overdue or Suspended Paper, $2,855. Probable loss, about $275. 



Number of Directors, . . . . . . .9 

Stock owned by Directors, 122 shares. 

Amount of Directors' Liabilities, . . . . . $21,011 00 
Largest indebtedness of any one individual or company, . 40,334 00 
Loan on Stock of the Bank, (on 148 shares,) . . . 5,263 00 
Greatest amount of Stock held by any one person or cor- 
poration, 163 shares. 

Highest Loan at any one time during the past year, . . $337,009 83 

Proportion of Loan payable out of Lowell, about . Two-thirds. 
" " on which Exchange is charged, about One-third. 

Amount of charges for Exchange during the last year, No account kept. 
Amount of Deposits drawing interest, . . . None. 

Annual Expenses, about $2,000 00 

Last semi-annual dividend, (April, 1862,) . . . .4 per cent. 
Number of Stockholders present at last annual meeting, 22 
Number of shares represented " " " 514 



Borrowed of other Banks during the last year, 
Loaned to " " " « " 



$15,000 00 



Nothing. 



* Including $10,000 U. S. Treasury Notes. 



52 



BANK COMMISSIONERS' REPORT. 



[Oct. 



EAGLE BANK— BOSTON. 

[Slay 6, 1862.] 

Waldo Flint, President. Cashier, Robert S. Coyell. 



Capital, 

Circulation, 

Deposits, 

Bank Balances, . 

Profits on hand, . 


$1,000,000 00 

104,322 00 

673,877 13 

18,115 67 

110,157 99 


Loan,* 

Real Estate, 

Checks and Bills of 
other Banks, . 

Bank Balances, 

Specie, 

Immediate Resources, 


$1,401,486 16 

165,970 00 

36,310 95 

302,705 68 




$1,906,472 79 


$1,906,472 79 


Immediate Liabilities, . 


$796,311 80 


$504,986 63 



Overdue or Suspended Paper, $97,000. Probable loss, $18,000. 



Number of Directors, ...... 

Stock owned by Directors, ..... 

Amount of Directors' Liabilities, .... 

Largest indebtedness of any one individual or company, 
Loan on Stock of the Bank, ..... 

Greatest amount of Stock held by any one person or cor 

poration, ........ 

Highest Loan at any one time during the past year, . 
Proportion of Loan payable out of Boston, 

" " on which Exchange is charged, . 

Amount of charges for Exchange during the last year, 
Amount of Deposits drawing interest, 
Annnal Expenses, about ...... 

Last semi-annual dividend, (April, 1862,) 

Number of Stockholders present at last annual meeting, 

Number of shares represented " " " 

Borrowed of other Banks during the last year, 
Loaned to " " " " " 



193 shares. 

$117,096 00 
60,000 00 
None. 

1,000 shares. 

$1,926,372 56 
One-third. 
Very small. 
No account kept. 
None. 

$13,000 00 
. 3 per cent. 
13 
533 



Nothing. 



$60,000 00 



* Including 8412,582.37, U. S. Loan. 



1862.] 



PUBLIC DOCUMENT— No. 8. 



53 



SAFETY FUND BANK— BOSTON. 

[May 7, 1862.] 

Abraham T. Lowe, President. Cashier, Chandler R. Ransom. 



Capital, 
Circulation, 
Deposits, . 
Bank Balances, . 
Profits on hand, . 


$1,000,000 00 

143,086 00 

511,471 95 

114,929 91 

83,944 70 


Loan, 

Real Estate, 

Checks and Bills of 
other Banks, . 

Bank Balances, . 

Specie, 

Immediate Resources, 


$1,482,481 51 

146,330 55 

61,772 76 

162,847 74 




$1,853,432 56 


$1,853,432 56 


Immediate Liabilities, . 


$769,487 86 


$370,951 05 



Overdue or Suspended Paper, $61,201.61. Probable loss, about $20,000. 



Number of Directors, 12 

Stock owned by Directors, 683 shares. 

Amount of Directors' Liabilities, $77,417 00 

Largest indebtedness of any one individual or company, . 50,000 00 
Loan on Stock of the Bank, ..... None. 
Greatest amount of Stock held by any one person or cor- 
poration, 400 shares. 

Highest Loan at any one time during the past year, . . $1,754,000 00 
Proportion of Loan payable out of Boston, about . One-fourth. 
" " on which Exchange is charged, about One-fourth. 

Amount of charges for Exchange during the last year, No account. 
Amount of Deposits drawing interest, (Assignee acc'ts only,) Small. 

Annual Expenses, about $12,500 00 

Last semi-annual dividend, (April, 1862,) . . . .3 per cent. 
Number of Stockholders present at last annual meeting, 116 votes thrown. 
Number of shares represented " " " 604 



Borrowed of other Banks during the last year, about 
Loaned to " " " " about 



$150,000 00 
300,000 00 



54 



BANK COMMISSIONERS' EEPORT. 



[Oct. 



BRIGHTON MARKET BANK— BRIGHTON. 

[May 9, 1862.] 

Life Baldwin, President. Cashier, Abner I. Benyon. 



Capital, 

Circulation, 

Deposits, 

Bank Balances, . 

Profits on hand, . 


$250,000 00 

187,700 00 

53,087 92 

2,917 70 

14,722 72 


Loan, 

Real Estate, 

Checks and Bills of 
other Banks, . 

Bank Balances, . 

Specie, 

Bank of Mutual Re- 
demption, 

Immediate Resources, 


1448,914 00 
8,240 28 

6,039 09 
26,292 43 
13,942 54 

5,000 00 




$508,428 34 


$508,428 34 


Immediate Liabilities, . 


$243,705 62 


$46,274 06 



Overdue or Suspended Paper, $18,788.64. Estimated loss, $7,969.33. 



Number of Directors, . . . . . . 10 

Stock owned by Directors, 192 shares. 

Amount of Directors' Liabilities, ..... $38,831 00 
Largest indebtedness of any one individual or company, . 44,000 00 
Loan on Stock of the Bank, (on 136 shares,) . . . 13,350 00 
Greatest amount of Stock held by any one person or cor- 
poration, 130 shares. 

Highest Loan at any one time during the past year, . . $463,449 67 

Proportion of Loan payable out of Brighton, . . One-third. 

" " on which Exchange is charged, . 

Amount of charges for Exchange during the last year, 
Amount of Deposits drawing interest, 
Annual Expenses, about ....... 

Last semi-annual dividend, (April, 1862,) . 

Number of Stockholders present at last annual meeting, 12 

Number of shares represented " " " 220 



One-eighth. 

$1,332 81 
None. 

$4,400 00 
. 3 per cent. 



Borrowed of other Banks during the last year,* about . $55,000 00 

Loaned to " " " " . Nothing. 



* Mostly paper re-discounted. 



1862.] 



PUBLIC DOCUMENT— No. 8. 



55 



OCEAN BANK— NEWBURYPORT. 

[May 13, 1862.] 

Enoch S. Williams, President. CasJiier, Jacob Stone. 



Capital, 
Circulation, 
Deposits, 
Bank Balances, 
Profits on hand, 



Immediate Liabilities, . 



$150,000 00 


145,808 00 


108,352 89 


78 14 


23,052 98 


.1427,292 01 


$254,239 03 



Loan, 

Real Estate, 

Checks and Bills of 
other Banks, . 

Bank Balances, . 

Specie, 



Immediate Resources, 



$270,102 08 
2,500 00 

479 82 

142,990 13 

11,219 98 



$427,292 01 



$154,689 93 



Overdue or Suspended Paper } $11,878.58. Estimated loss, $3,778. 



Number of Directors, ,7 

Stock owned by Directors, ..... 361 shares. 

Amount of Directors' Liabilities, $5,867 00 

Largest indebtedness of any one individual or company, . 24,000 00 

Loan on Stock of the Bank, ..... None. 

Greatest amount of Stock held by any one person or corpo- 
ration, 184 shares. * 

Highest Loan at any one time during the past year, . . $299,896 17 

Proportion of Loan payable out of Newburyport, about One-third. 
" " on which Exchange is charged, . Very small. 

Amount of charges for Exchange during the last year, 

Amount of Deposits drawing interest, about 

Annual Expenses, about . . . ... 

Last semi-annual dividend, (April, 1862,) . 

Number of Stockholders present at last annual meeting, 

Number of shares represented " " " 



No account kept. 

$12,000 00 
2,000 00 
. 5 per cent. 
16 
633 



Borrowed of other Banks during the last year, 
Loaned to " " " " " 



Nothing. 



$1,500 00 



36 



BANK COMMISSIONERS' REPORT. 



[Oct. 



POWOW RIVER BANK— SALISBURY. 

[May 14, 1862.] 

Jonathan B. Webster, President. Cashier, George F. Bagley. 



Capital, 
Circulation, 
Deposits, 
Bank Balances, 
Profits on band, 



Immediate Liabilities, . 



$100,000 00 

96,761 00 

58,515 39 

1 56 

13,418 50 



$268,696 45 



$155,277 95 



Loan,* 

Real Estate, 

Checks and Bills of 
other Banks, . 

Bank Balances, 

Specie, ,. 



Immediate Resources, 



$181,827 76 
4,900 00 

5,702 54 

70,307 53 

5,958 62 



$268,696 45 



$81,968 69 



Overdue or Suspended Paper, $2,629.02. Probable loss, $1,200. 



Number of Directors, ...... 7 

Stock owned by Directors, ...... 93 shares. 

Amount of Directors' Liabilities, $1,000 00 

Largest indebtedness of any one individual or company, . 75,000 00 

Loan on Stock of the Bank, ..... None. 

Greatest amount of Stock held by any one person or corpo- 
ration, ........ 50 shares. 

Highest Loan at any one time during the past year, . . $199,971 50 

Proportion of Loan payable out of Salisbury, about . Seven-eighths. 

" " on which Exchange is charged, . Very small. 

Amount of charges for Exchange during last year, about . $150 00 

Amount of Deposits drawing interest, about . . . 10,000 00 

Annual Expenses, about 1,500 00 

Last semi-annual dividend, (April, 1862,) . . . .4 per cent. 
Number of Stockholders present at last annual meeting, 31 
Number of shares represented " " " 328 

No Loans to or from other Banks during the last year. 



* Including $10,000 U. S. Treasury Notes. 



1862.] 



PUBLIC DOCUMENT— No. 8. 



57 



FALL RIVER BANK— FALL RIVER 

[May 15, 1862.] 

David Anthony, President. 



Cashier, H. H. Fish. 



Capital, 
Circulation, 
Deposits, 
Bank Balances, 
Profits on hand, 



Immediate Liabilities, 



$350,000 00 

113,757 00 

47,839 65 

419 17 

53,745 52 



$565,761 34 



1162,015 82 



Loan,* 

Real Estate, 

Checks and Bills of 
other Banks, . 

Bank Balances, 

Specie, 



Immediate Resources, 



$482,013 03 
8,000 00 

414 00 
62,733 36 
12,600 95 



1565,761 34 



$75,748 31 



Overdue or Suspended Paper, $4,250. Probable loss, nothing. 



Number of Directors, ....... 7 

Stock owned by Directors, 345 shares. 

Amount of Directors' Liabilities, $132,000 00 

Largest indebtedness of any one individual or company, . 95,000 00 

Loan on Stock of the Bank, (on 65 shares,) . . . 4,250 00 

Greatest amount of Stock held by any one person or corpo- 
ration, ........ 603 shares. 

Highest Loan at any one time during the past year, . . $546,057 42 

Proportion of Loan payable out of Fall River, not over One-fourth. 
" " on which Exchange is charged, " One-fourth. 

Amount of charges for Exchange during the last year, 
Amount of Deposits drawing interest, 
Annual Expenses, ....... 

Last semi-annual dividend, (April, 1862,) . 

Number of Stockholders present at last annual meeting, 10 or 12. 

Number of shares represented " " " Not known 

No Loans to or from other Banks during the last year. 



Not stated. 
None. 

$3,000 00 
4 per cent. 



* Including $50,000 U. S. Loan. 



58 



BANK COMMISSIONERS' REPORT. 



[Oct. 



FALL EIYER UNION BANK— FALL RIVER. 

Casliier, D. A. Chapin. 



[May 16, 1862.] 

Nathaniel B. Borden, President. 



Capital, 
Circulation, 
Deposits, . 
Bank Balances, . 
Profits on hand, . 


$200,000 00 

27,603 50 

10,247 06 

2,253 46 

19,424 07 


Loan, 

Real Estate, 

Checks and Bills of 
other Banks, . 

Bank Balances, 

Specie, 

Bank of Mutual Re- 
demption, 

Immediate Resources, 


$232,082 38 
6,500 00 

4,872 64 
8,950 38 
3,122 69 

4,000 00 




$259,528 09 


$259,528 09 


Immediate Liabilities, . 


$40,104 02 


$16,945 71 



Overdue or Suspended Paper, $42,813.55. Probable loss, $6,240. 



Number of Directors, 7 

Stock owned by Directors, ..... 173 shares. 

Amount of Directors' Liabilities, $117,505 00 

Largest indebtedness of any one individual or company, . 65,144 00 
Loan on Stock of the Bank, (on 138 shares,) . . . 11,031 78 
Greatest amount of Stock held by any one person or corpo- 
ration, . 150 shares. 

Highest Loan at any one time during the past year, . Not stated. 
Proportion of Loan payable out of Fall River, more than Half. 
" " on which Exchange is charged, more 



than 



Amount of charges for Exchange during the last year, 

Amount of Deposits drawing interest, . * 

Annual Expenses, . 

Last semi-annual dividend, (January, 1862,) 

Number of Stockholders present at last annual meeting, Not stated. 

Number of shares represented " " " Not stated. 



Half. 

Not stated. 
Not stated. 
Not stated. 
3 \ per cent. 



1862.] 



PUBLIC DOCUMENT— No. 8. 



59 



DANVERS BANK— SOUTH DANVERS. 

[May 20, 1862.] 

Eben Sutton, President. Cashier, George A. Osborne. 



Capital, 
Circulation, 
Deposit, 
Bank Balances, 
Profits on hand, 



Immediate Liabilities, . 



$150,000 00 


54,522 00 


43,805 64 


1,470 41 


30,701 24 


$280,499 29 


$109,808 05 



Loan, 

Real Estate, 

Checks and Bills of 
other Banks, . 

Bank Balances, . 

Specie, 



Immediate Resources, 



$262,356 31 
2,670 00 

3,666 88 

2,033 71 

9,772 39 

$280,499 29 



$15,472 98 



Overdue or Suspended Paper, $6,529.59. Probable loss, $557.47. 



Number of Directors, 7 

Stock owned by Directors, . . . . . 95 shares. 

Amount of Directors' Liabilities, $51,185 00 

Largest indebtedness of any one individual or company, . 33,702 00 
Loan on Stock of the Bank, (on 40 shares,) . . . 3,300 00 
Greatest amount of Stock held by any one person or cor- 
poration, 62 shares. 

Highest Loan at any one time during the past year, . . $280,122 09 

Proportion of Loan payable out of South Danvers, about Three-fourths. 

" " on which Exchange is charged, . Very small. 

Amount of charges for Exchange during the last year, No account kept. 
Amount of Deposits drawing interest, .... $20,000 00 

Annual Expenses, . 2,000 00 

Last semi-annual dividend, (April, 1862,) . . . .3 per cent. 
Number of Stockholders present at last annual meeting, . 7 
Number of shares represented " " " 251 



No Loans to or from other Banks during the last year. 



60 



BANK COMMISSIONERS' REPORT. 



[Oct. 



MARINE BANK— NEW BEDFORD. 

[May 21, 1862.] 

Joseph Grinnell, President. Cashier, John P. Barker. 



Capital, 
Circulation, 
Deposits, 
Bank Balances, 
Profits on hand, 



Immediate Liabilities, 



$600,000 00 


177,979 00 


231,978 92 


228 36 


36,960 48 


$1,047,146 76 


$410,186 28 



Loan, 

Real Estate, 

Checks and Bills of 
other Banks, . 

Bank Balances, 

Specie, 



Immediate Resources, 



$883,797 36 
11,283 00 

9,700 00 

116,955 28 

25,411 12 



$1,047,146 76 



$152,066 40 



Overdue or Suspended Paper, $32,642.99. Probable loss, about $7,000. 



Number of Directors, 9 

Stock owned by Directors, 219 shares. 

Amount of Directors' Liabilities, $47,579 00 

Largest indebtedness of any one individual or company, . 45,350 00 
Loan on Stock of the Bank, (on 19 shares,) . . . 1,300 00 
Greatest amount of Stock held by any one person or corpo- 
ration, 1,000 shares. 

Highest Loan at any one time during the past year, . . $1,014,162 13 
Proportion of Loan payable out of New Bedford, more than Half. 

" " on which Exchange is charged, perhaps One-fourth. 

Amount of charges for Exchange during the last year, about $2,000 00 

Amount of Deposits drawing interest, .... 8,000 00 

Annual Expenses, about 5,500 00 

Last semi-annual dividend, (April, 1862,) o\ per cent. 

Number of Stockholders present at last annual meeting, Not known. 
Number of shares represented " " " 265 



No Loans to or from other Banks during the last year. 



1862.] 



PUBLIC DOCUMENT— No. 8. 



61 



FAIRHAVEN BANK— FAIRHAVEN. 

[May 22, 1862.] 

-,* President. Cashier, Reuben Nye. 



Capital, 
Circulation, 
Deposits, . 
Bank Balances, 
Profits on hand, 



Immediate Liabilities, . 



$300,000 00 

45,215 00 

50,234 75 

1,052 73 

20,712 68 



$417,215 16 



,502 48 



Loan,f 

Real Estate, 

Checks and Bills of 
other Banks, . 

Bank Balances, 

Specie, 



Immediate Resources, 



$389,087 87 
3,000 00 

2,863 24 

9,101 85 

13,162 20 



$417,215 16 



$25,127 29 



Overdue or Suspended Paper, $127,923.92. Probable loss, $54,784. 



Number of Directors, ...... 7 

Stock owned by Directors, ...... 98 shares. 

Amount of Directors' Liabilities, $34,958 00 

Largest indebtedness of any one individual or company, . 29,511 65 

Loan on Stock of the Bank, (on 64 shares,) . . . 4,750 00 

Greatest amount of Stock held by any one person or corpo- 
ration, ........ 338 shares. 

Highest Loan at any one time during the past year, . . $401,494 23 

Proportion of Loan payable out of Fairhaven, about . Half. 
" " on which Exchange is charged, about Half. 

Amount of charges for Exchange during last year, about . $1,700 00 

Amount of Deposits drawing interest, . . . None. 

Annual Expenses, about $2,100 00 

Last semi-annual dividend, (October, I860,) . . 3 per cent. 
Number of Stockholders present at last annual meeting, Not known. 
Number of votes cast, 311 

No Loans to or from other Banks during the last year. 



* The office was vacant at the time of examination. 
t Including $50,000 U. S. Treasury Notes, (7 3-10ths.) 



62 



BANK COMMISSIONERS' REPORT. 



[Oct. 



CENTRAL BANK— WORCESTER. 

[May 23, 1862.] 

John C. Mason, President. Cashier, George F. Hartshorn. 



Capital, 
Circulation, 
Deposits, 
Bank Balances, 
Profits on hand, 



Immediate Liabilities, . 



1350,000 00 
90,405 00 
91,789 00 
14,057 22 
12,242 96 



$558,494 18 



$196,251 22 



Loan,* 

Real Estate, 

Checks and Bills of 
other Banks, . 

Bank Balances, . 

Specie, 



Immediate Resources, 



$474,896 48 
6,000 00 

9,909 20 
44,037 35 
23,651 15 



5558,494 18 



$77,597 70 



Overdue or Suspended Paper, none. 



Number of Directors, . 7 

Stock owned by Directors, 38 shares. 

Amount of Directors' Liabilities, ..... $85,396 00 

Largest indebtedness of any one individual or company, . 48,499 00 

Loan on Stock of the Bank, (on 35 shares,) . . . 3,450 00 

Greatest amount of Stock held by any one person or cor- 
poration, 345 shares. 

Highest Loan at any one time during the past year, . . $559,193 54 

Proportion of Loan payable out of Worcester, . 

" " on which Exchange is charged, . 

Ajnount of charges for Exchange during the last year, 

Amount of Deposits drawing interest, 

Annual Expenses, about ...... 

Last semi-annual dividend, (April, 1861,) . 

Number of Stockholders present at last annual meeting, Not known. 

Number of shares represented " " " 616. 

No Loans to or from other Banks during the last year. 



Three-fourths. 
Three-fourths. 
No account kept. 
None. 

$6,000 00 
3^ per cent. 



* Including $127,150 U. S. Loan 



1862.] 



PUBLIC DOCUMENT— No. 8. 



63 



AGRICULTURAL BANK— PITTSFIELD. 

[May 27, 1862.] 

Thomas F. Plunkett, President. Cashier, John R. Warriner. 



Capital, 
Circulation, 
Deposits, 
Bank Balances, 
Profits on hand, 



Immediate Liabilities, . 



$200,000 00 

119,350 00 

112,726 73 

8,670 32 

40,923 47 



$481,670 52 



$240,747 05 



Loan,* 

Real Estate, 

Checks and Bills of 
other Banks, . 

Bank Balances, . 

Specie, 

Bank of Mutual Re- 
demption, 



Immediate Resources, 



$404,937 57 
8,800 00 

4,613 81 
39,631 36 

20,686 78 

3,000 00 



$481,670 52 



$64,932 95 



Overdue or Suspended Paper, $72,319.95. Probable loss, about $19,000. 



Number of Directors, ....... 9 

Stock owned by Directors, 204 shares. 

Amount of Directors' Liabilities, $19,809 00 

Largest indebtedness of any one individual or company, . 38,000 00 
Loan on Stock of the Bank, ..... None. 
Greatest amount of Stock held by any one person or corpo- 
ration, $17,700 00 

Highest Loan at any one time during the past year, . . 413,405 06 

Proportion of Loan payable out of Pittsfield, about . Half. 
" " on which Exchange is charged, not 

over ......... One-fourth. 

Amount of charges for Exchange during the last year, . $3,000 00 

Amount of Deposits drawing interest, . . . None. 

Annual Expenses, • $2,750 00 

Last semi-annual dividend, (April 7,) ... 3 per cent. 

Number of Stockholders present at last annual meeting, Not known. 
Number of shares represented " " " Not known. 

No Loans to or from other Banks during the last year. 



* Including $25,000 U. S. Treasury Notes, (7 3-10ths.) 



61 



BANK COMMISSIONERS' REPORT. 



[Oct. 



PITTSFIELD BANK— PITTSFIELD. 

[May 28, 1862.] 

Julius Rockwell, President. Cashier, Junius D. Adams. 



Capital, 
Circulation, 
Deposits, . 
Bank Balances, 
Profits on hand, 



Immediate Liabilities, 



§500,000 00 

173,269 00 

177,426 25 

30,134 85 

34,168 00 



$914,998 10 



Loan,* 

Real Estate, 

Checks and Bills of 
other Banks, . 

Bank Balances, . 

Specie, 

Bank of Mutual Re- 
demption, 



$380,830 10 ! Immediate Resources, 



$764,739 80 
13,767 14 

3,118 79 

117,644 41 

12,727 96 

3,000 00 



$914,998 10 



$133,491 16 



Overdue or Suspended Paper, $18,417.02. No loss anticipated. 



dumber of Directors, 

Stock owned by Directors, ..... 

Amount of Directors' Liabilities, .... 
Largest indebtedness of any one individual or company, 
Loan on Stock of the Bank, (on 226 shares,) 
Greatest amount of Stock held by any one person or corpo 

ration, ........ 

Highest Loan at any one time during the past year, . 
Proportion of Loan payable out of Pittsfield, about . 

" " on which Exchange is charged, . 

Amount of charges for Exchange during the last year, 
Amount of Deposits drawing interest, 
Annual Expenses, ........ 

Last semi-annual dividend, ..... 

Number of Stockholders present at last annual meeting, 
Number of shares represented " " " 

Borrowed of other Banks during the last year, 
Loaned to " " " " " 



. 9 

416 shares. 

$233,818 00 
84,268 00 
20,700 00 



27,200 00 
775,685 82 
Three-fourths. 
Very small. 
No account kept. 
None. 

$6,000 to $7,000. 
. 3 per cent. 

50 
150 

Nothing. 
Yarious sums. 



* Including 875,000 U. S. Loan. 



1862.] 



PUBLIC DOCUMENT— No. 8. 



65 



GREENFIELD BANK— GREENFIELD. 

[May 29, 1862.] 

William B. Washburn, President. Cashier, Edmund W. Russell. 



Capital, 
Circulation, 
Deposits, 
Bank Balances, 
Profits on hand, 



Immediate Liabilities, 



$200,000 00 


174,698 00 


48,579 68 


6,768 97 


16,208 45 


$446,255 10 


$230,046 65 



Loan,* 

Real Estate, 

Checks and Bills of 
other Banks, . 

Bank Balances, 

Specie, 

Bank of Mutual Re- 
demption, 



Immediate Resources, 



$313,775 59 
7,500 00 

3,362 13 

111,267 93 

7,349 45 

3,000 00 



$446,255 10 



$121,979 51 



Overdue or Suspended Paper, $17,345.81. Probable loss, $201.58. 



Number of Directors, ....... 7 

Stock owned by Directors, 131 shares. 

Amount of Directors' Liabilities, $8,600 00 

Largest indebtedness of any one individual or company, . 25,000 00 

Loan on Stock of the Bank, None. 

Greatest amount of Stock held by any one person or corpo- 
ration, 120 shares. 

Highest Loan at any one time during the past year, . . $328,450 85 

Proportion of Loan payable out of Greenfield, about Two-thirds. 

" " on which Exchange is charged, about One-third. 

Amount of charges for Exchange during the last year, about $2,500 00 

Amount of Deposits drawing interest, . . . None. 

Annual Expenses, about $2,500 00 

Last semi-annual dividend, (April, 1862,) . . . .4 per cent. 
Number of Stockholders present at last annual meeting, 12 
Number of shares represented " " " 183 

Borrowed of other Banks during the last year, . Nothing. 

Loaned to " " " « « . $50,000 00 



* Including $32,898.75 U. S. Loan. 



66 



BANK COMMISSIONERS' REPORT. 



[Oct. 



FRANKLIN COUNTY BANK— GREENFIELD. 

[May 29, 1862.] 

Henry W. Cushman, President. Cashier, R. A. Packard. 



Capital, 
Circulation, 
Deposits, . 
Bank Balances, . 
Profits on hand, . 


$200,000 00 

167,450 00 

45,473 13 

1,096 33 

20,697 36 


Loan, 

Real Estate, 

Checks and Bills of 
other Banks, . 

Bank Balances, 

Specie, 

Bank of Mutual Re- 
demption, 

Immediate Resources, 


8291,200 67 
6,600 00 

4,394 92 

118,134 83 

11,386 40 

3,000 00 




$434,716 82 


$434,716 82 


Immediate Liabilities, . 


$214,019 46 


$133,916 15 



Overdue or Suspended Paper, $12,600.78. Probable loss, $150. 



Number of Directors, 9 

Stock owned by Directors, ..... 236 shares. 

Amount of Directors' Liabilities, $4,501 00 

Largest indebtedness of any one individual or company, . 48,977 00 
Loan on Stock of the Bank, (on 27 shares,) . . . 1,500 00 
Greatest amount of Stock held by any one person or cor- 
poration, 133 shares. 

Highest Loan at any one time during the past year, . . $328,287 94 

Proportion of Loan payable out of Greenfield, about Half. 

" " on which Exchange is charged, . One-fourth. 

Amount of charges for Exchange during last year, about . $2,000 00 

Amount of Deposits drawing interest, . . . None. 

Annual Expenses, about $2,800 00 

Last semi-annual dividend, (April, 1862,) . . . .4 per cent. 
Number of Stockholders present at last annual meeting, 16 
Number of shares represented " " " 268 



Borrowed of other Banks during the last year, 
Loaned to " " " " " 



Nothing. 



$5,000 00 



1862.] 



PUBLIC DOCUMENT— No. 8. 



67 



MILLER'S RIVER BANK— ATHOL. 

[.May 30, 1862.] 

Seth Hapgood, President. Cashier, Alpheus Harding, Jr. 



Capital, 

Circulation, 

Deposits, 

Bank Balances, . 

Profits on hand, . 


$150,000 00 

138,399 00 

22,267 52 

16,612 42 


Loan, 

Real Estate, 

Checks and Bills of 
other Banks, . 

Bank Balances, . 

Specie, 

Immediate Resources, 


$226,353 02 
3,000 00 

473 88 
80,953 16 
16,528 88 




1327,308 91 


$327,308 94 


Immediate Liabilities, . 


$160,666 52 


$97,955 92 



Overdue or Suspended Paper, $12,297.76 Probable loss, $2,000 to $3,0C0. 



Number of Directors, ...... 7 

Stock owned by Directors, ..... 85 shares. 

Amount of Directors' Liabilities, $24,075 00 

Largest indebtedness of any one individual or company, . 18,082 00 
Loan on Stock of the Bank, (on 27 shares,) . . . 2,079 00 
Greatest amount of Stock held by any one person or cor- 
poration, 45 shares. 

Highest Loan at any one time during the past year, . . $243,422 46 

Proportion of Loan payable out of Athol, about . One-third. 

" " on which Exchange is charged, perhaps One-sixteenth. 

Amount of charges for Exchange during the last year, From $200 to $300. 
Amount of Deposits drawing interest, . . . None. 

Annual Expenses, about $2,000 00 

Last semi-annual dividend, (April, 1862,) ... .3 per cent. 
Number of Stockholders present at last annual meeting, 31 
Number of shares represented " " " 340 



No Loans to or from other Banks during the last year. 



68 



BANK COMMISSIONERS' REPORT. 



[Oct. 



PLYMOUTH BANK— PLYMOUTH. 

[June 11, 1862.] 

William T. Davis, President. Cashier, Isaac N. Stoddard. 



Capital, 
Circulation, 
Deposits, . 
Bank Balances, . 
Profits on hand, . 


$150,000 00 
93,471 00 
52,811 70 

7,764 63 


Loan,* 

Real Estate, 

Checks and Bills of 
other Banks, . 

Bank Balances, . 

Specie, 

Bank of Mutual Re- 
demption, 

Immediate Resources, 


$256,214 32 
2,500 00 

2,756 75 

27,646 73 

7,429 48 

7,500 00 




$304,047 33 


$304,047 m 


Immediate Liabilities, . 


$146,282 70 


$37,833 01 



Overdue or Suspended Paper, $2,258.36. Probable loss, about $200. 



Number of Directors, 7 

Stock owned by Directors, 116 shares. 

Amount of Directors' Liabilities, . . . . . $25,584 00 
Largest indebtedness of any one individual or company, . 44,284 00 
Loan on Stock of the Bank, . . 27 shares held mostly as general collateral. 
Greatest amount of Stock held by any one person or cor- 
poration, 245 shares. 

Highest Loan at any one time during the past year, . . $287,873 98 

Proportion of Loan payable out of Plymouth, about . Two-thirds. 

" " on which Exchange is charged, about One-third. 

Amount of charges for Exchange during the last year, No account kept. 
Amount of Deposits drawing interest, .... $2,000 00 

Annual Expenses, about 2,300 00 

Last semi-annual dividend, (April, 1862,) ... 3 per cent. 
Number of Stockholders present at last annual meeting, Not stated. 
Number of shares represented " " " Not known. 

No Loans to or from other Banks during the last year. 



* Including $41,000 U.S. Loan. 



1862.] 



PUBLIC DOCUMENT— No. 8. 



69 



UNION BANK OF WEYMOUTH AND BRAINTREE— WEYMOUTH. 

[June 12, 1862.] 

Minot Tirrell, President. Cashier, John W. Loud. 



Capital, 
Circulation, 
Deposits, . 
Bank Balances, 
Profits on hand, 



Immediate Liabilities, 



$150,000 00 
54,674 00 
40,103 28 

28,741 10 



$273,518 38 



,777 28 



Loan, 

Real Estate, 

Checks and Bills of 
other Banks, . 

Bank Balances, . 

Specie, 



Immediate Resources, 



$247,965 68 
6,000 00 

1,114 60 
10,389 22 

8,048 88 



$273,518 38 



$19,552 70 



Overdue or Suspended Paper, $10,677.95. Probable loss, about $5,000. 



Number of Directors, 9 

Stock owned by Directors, 129 shares. 

Amount of Directors' Liabilities, $7,241 67 

Largest indebtedness of any one individual or company, . 19,90100 
Loan on Stock of the Bank, (on 4 shares,) . . . 200 00 
Greatest amount of Stock held by any one person or cor- 
poration, 94 shares. 

Highest Loan at any one time during the past year, . . $251,959 18 

Proportion of Loan payable out of Weymouth, . -|, or more. 

" " on which Exchange is charged, . i to |. 

Amount of charges for Exchange during the last year, about $2,000 00 

Amount of Deposits drawing interest, . . . None. 

Annual Expenses, about $2,500 00 

Last semi-annual dividend, (April, 1862,) . . 3 per cent. 

Number of Stockholders present at last annual meeting, Not known. 
Number of shares represented " " " 113 



No Loans to or from other Banks during the last year. 



70 



BANK COMMISSIONERS' REPORT. 



[Oct. 



SPICKET FALLS BANK— METHUEN. 

[June 18, 1862.] 

Josiah Dearborn, President. Cashier, George Foot. 



Capital, 
Circulation, 
Deposits, . 
Bank Balances, . 
Profits on hand, . 


1100,000 00 
38,705 00 
29,878 64 

6,648 32 


Loan, 

Bank of Mutual Re- 
demption, 

Checks and Bills of 
other Banks, . 

Bank Balances, 

Specie, 

Immediate Resources, 


$118,363 48 

3,000 00 

200 00 

49,392 57 

4,275 91 




$175,231 96 


$175,231 96 


Immediate Liabilities, . 


$68,583 64 


$53,868 48 



Overdue or Suspended Paper, $18,691.20. Probable loss, about $5,000. 



Number of Directors, ...... 6 

Stock owned by Directors, 87 shares. 

Amount of Directors' Liabilities, $24,545 89 

Largest indebtedness of any one individual or company, . 11,930 00 
Loan on Stock of the Bank, ..... None. 
Greatest amount of stock held by any one person or corpo- 
ration, 35 shares. 

Highest Loan at any one time during the past year, . . $185,779 91 

Proportion of Loan payable out of Methuen, . . Half. 

" " on which Exchange is charged, about One-fourth. 

Amount of charges for Exchange during the last year, $300 to $400. 
Amount of Deposits drawing interest, . . . None. 

Annual Expenses, $1,400 00 

Last semi-annual dividend, (April, 1862,) .... 4 per cent. 

Number of Stockholders present at last annual meeting, 
about ......... 15 

Number of shares represented at last annual meeting, about 250 



No Loans to or from other Banks during the last year. 



1862.] 



PUBLIC DOCUMENT— No. 8. 



71 



HAVERHILL BANK— HAVERHILL. 

[June 18, 1862.] 

John A. Appleton, President. Cashier, James E. Gale. 



Capital, 
Circulation, 
Deposits, . 
Bank Balances, 
Profits on hand, 



Immediate Liabilities, 



$200,000 00 


73,961 


00 


27,213 


51 


5,605 03 


31,174 


10 


$337,953 


64 


$106,779 


54 



Loan,* 

Real Estate, 

Checks and Bills of 
other Banks, . 

Bank Balances, . 

Specie, 

Bank of Mutual Re- 
demption, 



Immediate Resources, 



$300,215 86 
8,250 00 

9,699 30 
4,926 84 
9,861 64 

5,000 00 



$337,953 64 



$24,487 78 



Overdue or Suspended Paper, $82,194.13. Probable loss, $30,000. 



Number of Directors, 7 

Stock owned by Directors, ...... 67 shares. 

Amount of Directors' Liabilities, $10,975 00 

Largest indebtedness of any one individual or company, . 11,466 00 
Loan on Stock of the Bank, ..... None. 
Greatest amount of Stock held by any one person or corpo- 
ration, 240 shares. 

Highest Loan at any one time during the past year, . . $300,215 86 

Proportion of Loan payable out of Haverhill, usually Seven-eighths. 

" " on which Exchange is charged, . Very small. 

Amount of charges for Exchange the last year, probably not $200 00 

Amount of Deposits drawing interest, . . . None. 

Annual Expenses, about $2,400 00 

Last semi-annual dividend, (April, 1862,) ... 2 per cent. 

Number of Stockholders present at last annual meeting, 10. 

Number of shares represented " " " 55 votes cast. 

No Loans to or from other Banks during the last year. 



* Including $100,000 U. S. Loan. 



72 



BANK COMMISSIONERS' REPORT. 



[Oct. 



PEMBERTON BANK— LAWRENCE. 

[June 19, 1862.] 

Levi Sprague, President. Cashier, William H. Jaquith. 



Capital, 
Circulation, 
Deposits, . 
Bank Balances, 
Profits on hand, 



Immediate Liabilities, . 



$100,000 00 
77,005 00 
44,109 89 

14,608 38 



$235,723 27 



$121,114 89 



Loan, 

Real Estate, 

Checks and Bills of 
other Banks, . 

Bank Balances, . 

Specie, 

Bank of Mutual Re 
demption, 



Immediate Resources, 



$186,971 36 
10,915 69 

6,878 70 

22,494 11 

3,463 41 

5,000 00 



$235,723 27 



$27,836 22 



Overdue or Suspended Paper, $4,000. Probable loss, nothing. 



Number of Directors, ....... 8 

Stock owned by Directors, 150 shares. 

Amount of Directors' Liabilities, $28,931 00 

Largest indebtedness of any one individual or company, . 15,000 00 

Loan on Stock of the Bank, (on 74 shares,) . . . 7,325 00 

Greatest amount of Stock held by any one person or corpo- 
ration, ........ 68 shares. 

Highest Loan at any one time during the past year, . . $201,591 09 

Proportion of Loan payable out of Lawrence, about . One-third. 
" " on which Exchange is charged, . None now. 

Amount of charges for Exchange during the last year, about $100 00 

Amount of Deposits drawing interest, . . . None. 

Annual Expenses, about . $1,400 00 

Last semi-annual dividend, (April, 1862,) ... 4 per cent. 
Number of Stockholders present at last annual meeting, Not stated. 
Number of shares represented " " " 115 



Borrowed of other Banks during the last year, 
Loaned to " " " " " 



*$6,000 00 



Nothing. 



* Paper re-discounted. 



1862.] 



PUBLIC DOCUMENT— No. 8. 



73 



ANDOVER BANK— ANDOVER. 

[June 20, 1862.] 

John Flint, President. Cashier, Moses Foster, Jr. 



Capital, 
Circulation, 
Deposits, 
Bank Balances, 
Profits on hand, 



Immediate Liabilities, . 



$250,000 00 
88,255 00 
41,428 38 

22,344 47 



•1402,027 85 



$129,683 38 



Loan,* 

Real Estate, 

Checks and Bills of 
other Banks, . 

Bank Balances, 

Specie, 



Immediate Resources, 



$361,592 83 
5,000 00 

2,175 79 

25,549 27 

7,709 96 



$402,027 85 



$35,435 02 



Overdue or Suspended Paper, $11,584.91. Probable loss, about $2,500. 



58 shares. 



126,514 00 

30,881 00 

1,025 00 



Number of Directors, ...... 

Stock owned by Directors, ..... 

Amount of Directors' Liabilities, .... 

Largest indebtedness of any one individual or company, 

Loan on Stock of the Bank, (on 20 shares,) 

Greatest amount of Stock held by any one person or corpo- 
ration, 135 shares. 

Highest Loan at any one time during the past year, . . $397,671 72 

Proportion of Loan payable out of Andover, about . Three-fourths. 
" " on which Exchange is charged, . None at present. 

Amount of charges for Exchange during the last year, Yery small. 



Amount of Deposits drawing interest, 

Annual Expenses, about 

Last semi-annual dividend, (April, 1862,) . 

Number of Stockholders present at annual meeting, . 

Number of shares represented " " " 

No Loans to or from other Banks during the last year. 



None. 

$1,300 00 
. 3 per cent. 

15 
471 



* Including $49,000 U. S. Loan. 



10 



74 



BANK COMMISSIONERS' REPORT. 



[Oct. 



Marvin Chapin, President. 



AGAWAM BANK— SPRINGFIELD. 

[July 1, 1862.] 

Cashier, F. S. Bailey. 



Capital, 

Circulation, 

Deposits, 

Bank Balances, . 

Profits on hand, . 



Immediate Liabilities, 



1300,000 00 


205,444 00 


171,571 16 


96 00 


24,292 16 


$701,403 32 


$377,111 16 



Loan,* 

Peal Estate, 

Checks and Bills of 
other Banks, . 

Bank Balances, . 

Specie, 

Bank of Mutual Re- 
demption, 



Immediate Resources, 



$544,513 54 
8,150 58 

5,349 45 

125,951 94 

14,437 81 

3,000 00 



$701,403 32 



$145,739 20 



Overdue or Suspended Paper, $20,138. Probable loss, $5,000. 



Number of Directors, . . . . . . .9 

Stock owned by Directors, ..... 251 shares. 

Amount of Directors' Liabilities, $18,608 00 

Largest indebtedness of any one individual or company, Not stated. 
Loan on Stock of the Bank, (on 3 shares,) . . . 300 00 
Greatest amount of Stock held by any one person or cor- 
poration, 226 shares. 

Highest Loan at any one time during the past year, . . $571,089 18 

Proportion of Loan payable out of Springfield, about Half. 

" " on which Exchange is charged, . Very little. 

Amount of charges for Exchange during the last year, about . $2,000 00 

Amount of Deposits drawing interest, . . . None. 
Annual Expenses, about ....... $4,000 00 

Last semi-annual dividend, (April, 1862,) ... 3^ per cent. 
Number of Stockholders present at last annual meeting, 9 
Number of shares represented " " " Not stated. 



Borrowed of other Banks during the last year, 
Loaned to " " " " " 



$10,000 00 
10,000 00 



* Including $200,103.75 U. S. Loan. 



1862.] 



PUBLIC DOCUMENT— No. 8. 



75 



HADLEY FALLS BANK— HOLYOKE. 

[July 2, 1862.] 

Abel D. Chapin, President. Cashier, Charles W. Kanlet. 



Capital, 

Circulation, 

Deposits, 

Bank Balances, . 

Profits on band, . 


$200,000 00 

201,636 00 

46,664 90 

1,753 19 

29,600 77 


Loan, 

Vault and Furniture, 

Checks and Bills of 
other Banks, . 

Bank Balances, . 

Specie, 

Bank of Mutual Re- 
demption, 

Immediate Resources, 


$366,706 88 
2,000 00 

5,768 73 
88,088 59 
14,090 66 

3,000 00 




$479,654 86 


$479,654 86 


Immediate Liabilities, . 


$250,054 09 


$107,947 98 



Overdue or Suspended Paper, $8,923.10. No loss anticipated. 



Number of Directors, ....... 9 

Stock owned by Directors, ..... 170 shares. 

Amount of Directors' Liabilities, $11,622 00 

Largest indebtedness of any one individual or company, . 37,943 00 

Loan on Stock of the Bank, (on 16 shares,) . . . 1,300 00 

Greatest amount of Stock held by any one person or cor- 
poration, . 150 shares. 

Highest Loan at any one time during the past year, . 

Proportion of Loan payable out of Holyoke, about . 
" " on which Exchange is charged, . 

Amount of charges for Exchange the last year, about 

Amount of Deposits drawing interest, 

Annual Expenses, about ...... 

Last semi-annual dividend, (October, 1861,) 

Number of Stockholders present at last annual meeting, No record. 

Number of shares represented " " " No record. 

No Loans to or from other Banks during the last year. 



1,706 88 
Three-fourths. 
Very small. 

$1,000 00 
None. 

$3,500 00 
4 per cent. 



76 



BANK COMMISSIONERS' REPORT. 



[Oct. 



HOPKINTON BANK— HOPKINTON. 

[July 9. 1862.] 

Lovett H. Bowker, President. Cashier, James S. Tileston. 



Capital, 
Circulation, 
Deposits, . 
Bank Balances, . 
Profits on hand, . 


$150,000 00 
69,965 00 
10,689 67 

14,393 89 


Loan, 

Bank of Mutual Re- 
demption, 

Checks and Bills of 
other Banks, . 

Bank Balances, 

Specie, 

Immediate Resources, 


$196,494 54 
3,000 00 

4,146 70 

33,536 02 
7,821 30 




8245,048 56 


$245,048 56 


Immediate Liabilities, . 


$80,654 67 


$45,554 02 



Overdue or Suspended Paper, $6,648.60. Probable loss, about $2,300. 



Number of Directors, 8 

Stock owned by Directors, ...... 105 shares. 

Amount of Directors' Liabilities, $60,552 00 

Largest indebtedness of any one individual or company, . 35,509 00 

Loan on Stock of the Bank, (on 33 shares,) . . . 3,200 00 

Greatest amount of stock held by any one person or corpo- 
ration, ........ Not stated. 

Highest Loan at any one time during the past year, . . $230,948 32 

Proportion of Loan payable out of Hopkinton, . . Three-fourths. 

" " on which Exchange is charged, . Very small. 

Amount of charges for Exchange during the last year, — Not much over $500. 
Amount of Deposits drawing interest, . . . None. 

Annual Expenses, $1,750 00 

Last semi-annual dividend, (April, 1862,) ... 4 per cent. 

Number of Stockholders present at last annual meeting, 8 
Number of shares represented " " " 84 



No Loans to or from other Banks during the last year. 



1862.] 



PUBLIC DOCUMENT— No. 8. 



77 



HOLLISTON BANK— HOLLISTON. 

[July 9, 1862.] 

Wm. S. Batch elder, President. Cashier, Rufus F. Brewer. 



Capital, 
Circulation, 
Deposits, 
Bank Balances, 
Profits on hand, 



Immediate Liabilities, . 



1100,000 00 
46,693 00 
11,732 19 

7,565 02 



$165,990 21 



58,425 19 



Loan, 

Real Estate, 

Checks and Bills of 
other Banks, . 

Bank Balances, . 

Specie, 



Immediate Resources, 



$129,933 10 

2,973 49 

26,926 70 

6,156 92 



$165,990 21 



^36,057 11 



Overdue or Suspended Paper, $3,557.70. Probable loss, $2,500. 



Number of Directors, ....... 9 

Stock owned by Directors, ..... 164 shares. 

Amount of Directors' Liabilities, $41,794 00 

Largest indebtedness of any one individual or company, . 17,083 00 
Loan on Stock of the Bank, (on 152 shares,) . . . 8,750 00 
Greatest amount of Stock held by any one person or cor- 
poration, 100 shares. 

Highest Loan at any one time during the past year, . . $147,661 24 

Proportion of Loan payable out of Holliston, 

" " on which Exchange is charged, . 

Amount of charges for Exchange the last year, perhaps 
Amount of Deposits drawing interest, 
Annual Expenses, ....... 

Last semi-annual dividend, (April, 1862,) . 

Number of Stockholders present at last annual meeting, 30 

Number of shares represented " " " -410 



Three-fourths. 
Half. 

$200 00 
None. 

$1,550 00 
. 3 per cent. 



No Loans to or from other Banks during the last year. 



78 



BANK COMMISSIONERS' REPORT. 



[Oct. 



MILFOED BANK— MILFORD. 

[July 10, 1862.] 

A. C. Mayhew, President. Cashie?-, A. G. Underwood. 



Capital, 


8250,000 00 


Loan,* 


8321,059 16 


Circulation, 

Deposits, 

Bank Balances, . 


151,605 00 
41,035 21 


Bank of Mutual Re- 
demption, 

Checks and Bills of 
other Banks, . 


5,000 00 
10,112 36 


Profits on hand, . 


33,287 78 


Bank Balances, 


130,516 17 






Specie, 

Immediate Resources, 


11,960 30 




8178,977 99 


8478,977 99 


Immediate Liabilities, . 


8195,690 21 


8152,918 83 



Overdue or Suspended Paper, §17,725.96. Probable loss, §8,000 to 810,000. 



Number of Directors, ...... 

Stock owned by Directors, ...... 

Amount of Directors' Liabilities, . . . . . 

Largest indebtedness of any one individual or company, . 

Loan on Stock of the Bank, (on 161 shares,) 

Greatest amount of Stock held by any one person or corpo- 



. i 

118 shares. 

867,321 00 



91,983 00 
16,100 00 



ration, ........ 

Highest Loan at any one time during the past year, . 
Proportion of Loan payable out of Milford, 

" " on which Exchange is charged, . 

Amount of charges for Exchange during the last vear, 
Amount of Deposits drawing interest, 
Annual Expenses, about ...... 

Last semi-annual dividend, (April, 1862,) 

Number of Stockholders present at last annual meeting, Not stated 

Number of shares represented " " " 335 

No Loans to or from other Banks during the last year. 



110 shares. 

8361,160 10 
-| or more. 
Yery small. 
Not stated. 
Not stated. 

83,100 00 
3-i- per cent. 



* Including 825,000 U. S. Loan. 



1862.] 



PUBLIC DOCUMENT— No. 8. 



79 



BEVERLY BANK— BEVERLY. 

[July 15, 1862.] 

Samuel Endicott, President. Cashier, Robert G. Bennett. 



Capital, 
Circulation, 
Deposits, 
Bank Balances, 
Profits on hand, 



Immediate Liabilities, . 



$125,000 00 

74,028 00 

49,892 29 

328 23 

8,746 42 



5257,994 94 



$124,248 52 



Loan,* 

Real Estate, 

Checks and Bills of 
other Banks, . 

Bank Balances, . 

Specie, 



Immediate Resources, 



$200,901 50 

9,331 04 

32,059 39 
15,703 01 



$257,994 94 



$57,093 44 



Overdue or Suspended Paper, $8,823.04. Probable loss, $500. 



Number of Directors, ...... 7 

Stock owned by Directors, ...... 72 shares. 

Amount of Directors' Liabilities, ..... $13,053 00 

Largest indebtedness of any one individual or company, . 17,555 00 

Loan on Stock of the Bank, ..... None. 

Greatest amount of Stock held by any one person or cor- 
poration, 70 shares. 

Highest Loan at any one time during the past year, . . $230,106 00 

Proportion of Loan payable out of Beverly, perhaps . Half. 
" " on which Exchange is charged, . Half. 

Amount of charges for Exchange the last year, about . $950 00 

Amount of Deposits drawing interest, . . . Not stated. 

Annual Expenses, about $2,100 00 

Last semi-annual dividend, (April, 1862,) ... 3 per cent. 
Number of Stockholders present at annual meeting, . Not stated. 
Number of shares represented " " " 203 

No Loans to or from other Banks during the last year. 



* Including $26,000 U. S. Loan. 



80 



BANK COMMISSIONERS' REPORT. 



[Oct. 



WAREHAM BANK— WAREHAM. 

[July 23, 1862.] 

Joshua B. Tobey, President. Cashier, Thomas R. Miles. 



Capital, 
Circulation, 
Deposits, . 
Bank Balances, . 
Profits on hand, 


$100,000 00 
53,571 00 
37,512 68 

4,755 35 


Loan,* 

Real Estate, 

Checks and Bills of 
other Banks, . 

Bank Balances, . 

Specie, 

Immediate Resources, 


$155,096 63 
5,000 00 

1,220 00 

27,893 86 

6,628 54 




$195,839 03 


$195,839 03 


Immediate Liabilities, . 


$91,083 68 


$35,742 40 



Overdue or Suspended Paper, $4,005.20. Probable loss, $750 to $1,000. 



85 shares. 



Number of Directors, ...... 

Stock owned by Directors, ..... 

Amount of Directors' Liabilities, ..... 

Largest indebtedness of any one individual or company, . 

Loan on Stock of the Bank, None 

Greatest amount of Stock held by any one person or cor- 
poration, ........ 

Highest Loan at any one time during the past year, . 
Proportion of Loan payable out of Wareham, about 

" " on which Exchange is charged, . 

Amount of charges for Exchange during the last year. 
Amount of Deposits drawing interest, 
Annual Expenses, about . . . . . . 

Last semi-annual dividend, (July, 1862,) . 

Number of Stockholders present at last annual meeting, 10 

Number of shares represented " " " 309 



$765 00 
14,150 00 



95 shares. 

$199,979 56 
Five-sixths. 
Very small. 
No account kept. 
None. 

$1,500 00 
. 3 per cent. 



No Loans to or from other Banks during the last year. 



* Including $17,233 U. S. Loan. 



1862.] 



PUBLIC DOCUMENT— No. 8. 



81 



BARNSTABLE BANK— YARMOUTH. 

[July 24, 1862.] 

Seth Ceo well, President. Cashier, Amos Otis. 



Capital, 
Circulation, 
Deposits, 
Bank Balances, 
Profits on hand, 



Immediate Liabilities, . 



$350,000 00 

275,017 00 

49,060 54 

42,386 83 



$716,464 37 



$324,077 54 



Loan,* 

Real Estate, 

Checks and Bills of 
other Banks, . 

Bank Balances, 

Specie, 



Immediate Resources, 



$577,778 61 
5,500 00 

51 00 

106,805 89 

26,328 87 

$716,464 37 



$133,185 76 



Overdue or Suspended Paper, $39,610.47. Probable loss, $8,125. 



Number of Directors, ....... 7 

Stock owned by Directors, 155 shares. 

Amount of Directors' Liabilities, $46,875 00 

Largest indebtedness of any one individual or company, . 35,400 00 

Loan on Stock of the Bank, (on 8 shares,) . . . 490 00 

Greatest amount of Stock held by any one person or corpo- 
ration, ........ 96 shares. 

Highest Loan at any one time during the past year, . . $613,327 46 

Proportion of Loan payable out of Yarmouth, . . Half. 

" " on which Exchange is charged, . Very small. 

Amount of charges for Exchange during the last year, Very small. 
Amount of Deposits drawing interest, 
Annual Expenses, about . • . 
Last semi-annual dividend, (April, 1862,) . 
Number of Stockholders present at last annual meeting, 55. 
Number of shares represented " " " About half the stock. 



None. 

$4,375 00 
4 per cent. 



Borrowed of other Banks during the last year, 
Loaned to " " " " " 



Nothing. 



$20,000 00 



11 



* Including $57,510 U. S. Loan. 



82 



BANK COMMISSIONERS' REPORT. 



[Oct. 



BANK OF CAPE COD— HARWICH. 

[July 24, 1862.] 

Prince S. Crowell, President. Cashier, Obed Brooks. 



Capital, 
Circulation, 
Deposits, . 
Bank Balances, 
Profits on hand, 



Immediate Liabilities, . 



$150,000 00 

157,211 00 

19,705 88 

12,153 74 



$339,070 62 



$176,916 88 



Loan,* 

Real Estate, . . 

Checks and Bills of 
other Banks, . 

Bank Balances, 

Specie, 



Immediate Resources, 



$251,437 04 
3,625 81 

1,214 00 

75,451 10 

7,342 67 



$339,070 62 



,007 77 



Overdue or Suspended Paper, $10,420. Probable loss, $1,418. 



Number of Directors, 10 

Stock owned by Directors, 102 shares. 

Amount of Directors' Liabilities, $18,131 00 

Largest indebtedness of any one individual or company, . 8,400 00 

Loan on Stock of the Bank, (on 71 shares,) . . . 4,574 00 

Greatest amount of Stock held by any one person or corpo- 
ration, 44 shares. 

Highest Loan at any one time during the past year, . . $289,225 64 

Proportion of Loan payable out of Harwich, about . 
" " on which Exchange is charged, . 

Amount of charges for Exchange during last year, . 

Amount of Deposits drawing interest, 

Annual Expenses, about ...... 

Last semi-annual dividend, (April, 1862,) . 

Number of Stockholders present at last annual meeting, 

Number of shares represented " " " 

No Loans to or from other Banks during the last year. 



One-fifth. 

" On renewals." 

No account kept. 

None. 

$2,150 00 
. 4 per cent. 
30 
146 



* Including $10,000 U. S. Loan. 



1862.] 



PUBLIC DOCUMENT— No. 8. 



83 



HINGHAM BANK— HINGHAM. 

[July 29, 1862.] 

David Lincoln, President. Cashier, John O. Lovett. 



Capital, 
Circulation, 
Deposits, . 
Bank Balances, 
Profits on hand, 



Immediate Liabilities, . 



$140,000 00 

115,695 00 

48,649 11 

10,523 68 



$314,867 79 



$164,344 11 



Loan,* 

Real Estate, 

Checks and Bills of 
other Banks, . 

Bank Balances, . 

Specie, 



Immediate Resources, 



$264,969 74 
13,270 50 

8,573 36 

19,120 38 

8,933 81 

$314,867 79 



$36,627 55 



Overdue or Suspended Paper, $8,227. Probable loss, $2,884. 



Number of Directors, ...... 9 

Stock owned by Directors, ..... 77 shares. 

Amount of Directors' Liabilities, $30,762 00 

Largest indebtedness of any one individual or company, . 20,000 00 

Loan on Stock of the Bank, (on 16 shares,) . . . 980 00 

Greatest amount of Stock held by any one person or cor- 
poration, .... .... 150 shares. 

Highest Loan at any one time during the past year, . . $261,258 87 

Proportion of Loan payable out of Hingham, 

" " on which Exchange is charged, . 

Amount of charges for Exchange the last year, about . 
Amount of Deposits drawing interest, 
Annual Expenses, about ...... 

Last semi-annual dividend, (April, 1862,) . 

Number of Stockholders present at last annual meeting, 19 

Number of shares represented " " " 301 

No Loans to or from other Banks during the last year. 



Not stated. 
None now. 

$300 00 
None. 

$2,500 00 
. 3 per cent. 



* Including $39,556.25 U. S. Loan. 



84 



BANK COMMISSIONERS' REPORT. 



[Oct. 



RANDOLPH BANK— RANDOLPH. 

[August 29, 1862.] 

Royal Turner, President. Cashier, Seth Turner. 



Capital, 
Circulation, 
Deposits, 
Bank Balances, 
Profits on hand, 



Immediate Liabilities, . 



$150,000 00 

109,497 00 

96,540 94 

49,853 06 



$405,891 00 



$206,037 94 



Loan,* 

Real Estate, 

Checks and Bills of 
other Banks, . 

Bank Balances, 

Specie, 



Immediate Resources, 



$330,115 20 

687 00 
56,684 01 
18,404 79 



$405,891 00 



*75,775 80 



Overdue or Suspended Paper, $1,277.60. Probable loss, about half. 



Number of Directors, . . . . . . .7 

Stock owned by Directors, 176 shares. 

Amount of Directors' Liabilities, $2,546 00 

Largest indebtedness of any one individual or company, . 30,000 00 

Loan on Stock of the Bank, None. 

Greatest amount of Stock held by any one person or corpo- 
ration, 100 shares. 

Highest Loan at any one time during the past year, . . $336,004 98 

Proportion of Loan payable out of Randolph, . . Seven-eighths. 

" " on which Exchange is charged, perhaps -| or ^ ff . 

Amount of charges for Exchange during the last year, about $1,000 00 

Amount of Deposits drawing interest, . . . None. 

Annual Expenses, about $3,200 00 

Last semi-annual dividend, (April, 1862,) . . . . 5 per cent. 
Number of Stockholders present at last annual meeting, 18 
Number of shares represented " " " 287 

No Loans to or from other Banks during the last year. 



* Including $67,310 U. S. and S40.000 State Loan. 



1862.] 



PUBLIC DOCUMENT— No. 8. 



85 



MARBLEHEAD BANK— MARBLEHEAD. 

[September 2, 1862.] 

William Hammond, President. Cashier, John Sparhawk. 



Capital, 
Circulation, 
Deposits, 
Bank Balances, 
Profits on hand, 



Immediate Liabilities, 



$120,000 00 
62,997 00 
28,295 01 

6,960 13 



$218,252 14 



11,292 01 



Loan,* 

Real Estate, 

Checks and Bills of 
other Banks, . 

Bank Balances, . 

Specie, 



Immediate Resources, 



$175,198 38 
6,700 00 

3,963 91 

23,76S 77 
8,621 08 



$218,252 14 



$36,353 76 



Overdue or Suspended Paper, $32,216.65. Probable loss, $14,235. 



Number of Directors, 

Stock owned by Directors, 

Amount of Directors' Liabilities, .... 
Largest indebtedness of any one individual or company, 
Loan on Stock of the Bank, (on 39 shares,) 
Greatest amount of Stock held by any one person or corpo 

ration, ........ 

Highest Loan at any one time during the past year, . 
Proportion of Loan payable out of Marblehead, 

" " on which Exchange is charged, . 

Amount of charges for Exchange during the last year, 
Amount of Deposits drawing interest, 
Annual Expenses, ....... 

Last semi-annual dividend, (April, 1862,) . 



38-| shares. 



$3,600 00 

33,500 00 

2,915 00 

40 shares. 

$182,071 30 
102,694 55 
None, 

$176 30 
None. 

$1,200 00 
. 21 per cent. 



Number of Stockholders present at last annual meeting, . 9 
Number of shares represented " " " 



1131 



No Loans to or from other Banks during the last year. 



* Including $39,000 U. S. Loan. 



86 



BANK COMMISSIONERS' REPORT. 



[Oct. 



GRAND BANK— MARBLEHEAD. 

[September 2, 1862.] 

Eben B. Phillips, President. Cashier, Joseph P. Turner. 



Capital, 

Circulation, 

Deposits, 

Bank Balances, . 

Profits on hand,. . 


§100,000 00 

74,138 00 

13,786 47 

176 52 

6,718 99 


Loan,* 

Ileal Estate, 

Checks and Bills of 
other Banks, . 

Bank Balances, . 

Specie, 

Immediate Resources, 


§150,326 95 
8,222 49 

1,219 82 

27,766 16 

7,284 56 




$194,819 98 


§194,819 98 


Immediate Liabilities, . 


$88,100 99 


$36,270 54 



Overdue or Suspended Paper, §2,000. No loss expected. 



Number of Directors, 7 

Stock owned by Directors, ..... 142 shares. 

Amount of Directors' Liabilities, §30,593 00 

Largest indebtedness of any one individual or company, . 23,880 00 

Loan on Stock of the Bank, (on 16 shares,) . . . 850 00 

Greatest amount of Stock held by any one person or corpo- 
ration, . . . . . . . . 49 shares. 

Highest Loan at any one time during the past year, . . §169,989 58 

Proportion of Loan payable out of Marblehead, . Half. 
" " on which Exchange is charged, . None. 

Amount of charges for Exchange during the last year, None. 
Amount of Deposits drawing interest, . . . None. 

Annual Expenses, §1,350 00 

Last semi-annual dividend, (April, 1862,) . . . .3 per cent. 
Number of Stockholders present at last annual meeting, 
Number of shares represented " " 



seting, | 



39 votes cast. 



No Loans to or from other Banks during the last year. 



* Including §59,441.50 U. S. Loan. 



1862.] 



PUBLIC DOCUMENT— No. 8. 



87 



GLOUCESTER BANK— GLOUCESTER. 

[September 3, 1862.] 

Isaac Somes, President. Cashier, William Babson. 



Capital, 
Circulation, 
Deposits, 
Bank Balances, 
Profits on hand, 



Immediate Liabilities, . 



$300,000 00 

102,782 00 

97,702 46 

821 48 

31,863 87 



$533,169 81 



$201,305 94 



Loan,* 

Real Estate, . . 

Checks and Bills of 
other Banks, . 

Bank Balances, 

Specie, 

Bank of Mutual Re- 
demption, 



Immediate Resources, 



$434,231 19 
8,500 00 

15,057 60 
51,645 21 
15,735 81 

8,000 00 



$533,169 81 



$82,438 62 



Overdue or Suspended Paper, $7,833.05. Probable loss, $5,120.05. 



Number of Directors, 7 

Stock owned by Directors, ..... 129 shares. 

Amount of Directors' Liabilities, $80,926 00 

Largest indebtedness of any one individual or company, . 20,799 00 

Loan on Stock of the Bank, (on 28 shares,) . . . 2,210 00 

Greatest amount of Stock held by any one person or corpo- 
ration, . . . . . . . . 104 shares. 

Highest Loan at any one time during the past year, . . $480,593 40 

Proportion of Loan payable out of Gloucester, . . One-fifth. 

" " on which Exchange is charged, . None. 

Amount of charges for Exchange during the last year, . None. 
Amount of Deposits drawing interest, . . . None. 
Annual Expenses, . . . . . . . . $2,200 00 

Last semi-annual dividend, (April, 1862,) . 3| per cent. 

Number of Stockholders present at last annual meeting, 10 

Number of shares represented " " " Not recorded. 

No Loans to or from other Banks during the last year. 



* Including $54,400 U. S. Loan. 



88 



BANK COMMISSIONERS' REPORT. 



[Oct. 



BANK OF CAPE ANN— GLOUCESTER. 

[September 4, 1862.] 
Gorham P. Low, President. 



Cashier, Samuel J. Giles. 



Capital, . . 

Circulation, 

Deposits, 

Bank Balances, . 

Profits on hand, . 


$150,000 00 

107,515 00 

52,104 41 

11,966 46 


Loan,* 

Real Estate, 

Checks and Bills of 
other Banks, . 

Bank Balances, . 

Specie, 

Bank of Mutual Re- 
demption, 

Immediate Resources, 


$241,628 10 
6,000 00 

1,575 30 

62,270 75 
7,111 72 

3,000 00 




$321,585 87 


$321,585 87 


Immediate Liabilities, . 


$159,619 41 


$70,957 77 



Overdue or Suspended Paper, $1,184.28. Probable loss, $600. 



Number of Directors, 7 

Stock owned by Directors, ..... 90 shares. 

Amount of Directors' Liabilities, $49,310 00 

Largest indebtedness of any one individual or company, . 14,372 00 

Loan on Stock of the Bank, (on 136 shares,) . . . 11,580 00 

Greatest amount of Stock held by any one person or cor- 
poration, . . . . . . . . 62 shares. 

Highest Loan at any one time during the past year, . . $267,890 02 

Proportion of Loan payable out of Gloucester, . 

" " on which Exchange is charged, . 

Amount of charges for Exchange during the last year, 
Amount of Deposits drawing interest, . . . 
Annual Expenses, . . . . . 

Last semi-annual dividend, (April, 1862,) . . . .3 per cent 

Number of Stockholders present at annual meeting, about 20 
Number of shares represented " " " 408 



One-fifth. 
None. 
Not stated. 
None. 

$2,320 00 



Borrowed of other Banks during the last year, 
Loaned to " " " " 



55,000 00 



Nothing. 



* Including $23,150 U. S. Loan. 



t Paper re-discounted. 



1862.] 



PUBLIC DOCUMENT— No. 8. 



89 



MERCHANTS' BANK— NEW BEDFORD. 

[September 9, 1862.] 

Charles R. Tucker, President. Cashier, Peleg C. Howi.and. 



Capital, 

Circulation, 

Deposits, 

Bank Balances, . 

Profits on hand, . 


$600,000 00 

389,552 00 

448,204 90 

1,977 11 

114,645 63 


Loan, 

Real Estate, 

Checks and Bills of 
other Banks, . 

Bank Balances, . 

Specie, 

Immediate Resources, 


$1,359,193 33 
5,000 00 

1,729 00 

167,937 55 

20,519 76 




$1,554,379 64 


$1,554,379 64 


Immediate Liabilities, . 


$839,734 01 


$190,186 31 



Overdue or Suspended Paper, $6,587.97. Probable loss, 50 per cent. 



Number of Directors, ...... 10 

Stock owned by Directors, ..... 218 shares. 

Amount of Directors' Liabilities, $188,324 00 

Largest indebtedness of any one individual or company, . 74,000 00 

Loan on Stock of the Bank, (on 4 shares,) . . . 400 00 

Greatest amount of Stock held by any one person or cor- 
poration, ........ 1,000 shares. 

Highest Loan at any one time during the past year, . . $1,406,657 92 

Proportion of Loan payable out of New Bedford, 

" " on which Exchange is charged, . 

Amount of charges for Exchange during the last year, 

Amount of Deposits drawing interest, 

Annual Expenses, about ...... 

Last semi-annual dividend, (April, 1862,) . 

Number of Stockholders present at last annual meeting, Not stated. 

Number of shares represented " " " 186. 

No Loans to or from other Banks during the last year. 



Half. 
Small. 

$2,000 00 
8,000 00 
6,000 00 
4 per cent. 



12 



90 



BANK COMMISSIONERS' REPORT. 



[Oct. 



MECHANICS' BANK— NEW BEDFORD. 

[September 9, 1862.] 

Thomas Mandell, President. Cashier, Eliphalet W. Hervey. 



Capital, 
Circulation, 
Deposits, 
Bank Balances, 
Profits on hand, 



Immediate Liabilities, 



$600,000 00 


236,389 


00 


299,411 


30 


368 


56 


32,900 


30 


$1,169,069 16 


$536,168 


86 



Loan,* 

Real Estate, 

Checks and Bills of 
other Banks, . 

Bank Balances, 

Specie, 



Immediate Resources, 



,065,885 41 
9,000 00 

1,657 37 
78,737 16 
13,789 22 



.,169,069 16 



$94,183 75 



Overdue or Suspended Paper, $33,112.34. Probable loss, $19,139.34. 



Number of Directors, 9 

Stock owned by Directors, 167 shares. 

Amount of Directors' Liabilities, $37,663 00 

Largest indebtedness of any one individual or company, . 103,644 00 

Loan on Stock of the Bank, (on 5 shares,) . . . 475 00 

Greatest amount of Stock held by any one person or cor- 
poration, . . . . . . . . 1,030 shares. 

Highest Loan at any one time during the past year, . . $1,065,885 41 
Proportion of Loan payable out of New Bedford, . Three-fourths. 

" " on which Exchange is charged, . Very small. 

Amount of charges for Exchange during the last year, about $1,400 00 

Amount of Deposits drawing interest, .... 8,000 00 

Annnal Expenses, about . 3,400 00 

Last semi-annual dividend, (April, 1862,) . . .3 per cent. 

Number of Stockholders present at last annual meeting, 11 
Number of shares represented " " " 390 



No Loans to or from other Banks during the last year. 



* Including $49,400 U. S. Loan. 



1862.] 



PUBLIC DOCUMENT— No. 8. 



91 



POCASSET BANK— FALL EIVER. 

[September 10, 1862.] 

Samuel Hathaway, President. Cashier, Wm. H. Brackett. 



Capital, 
Circulation, 
Deposits, 
Bank Balances, 
Profits on hand, 



Immediate Liabilities, . 



$200,000 00 


82,007 00 j 


117,797 00 


163 00 


2,551 38 


$402,518 38 


$199,967 00 



Loan,* 

Real Estate, 

Checks and Bills of 
other Banks, . 

Bank Balances, . 

Specie, 

Bank of Mutual Re- 
demption, 



Immediate Resources, 



$320,478 29 
100 00 

1,837 64 

71,271 97 

4,830 48 

4,000 00 



$402,518 38 



$77,940 09 



Overdue or Suspended Paper, $21,137.09. Probable loss, about $680. 



Number of Directors, ....... 7 

Stock owned by Directors, . . . . . 113 shares. 

Amount of Directors' Liabilities, $8,519 00 

Largest indebtedness of any one individual or company, . 45,217 00 
Loan on Stock of the Bank, (on 90 shares,) . . . 8,000 00 
Greatest amount of Stock held by any one person or corpo- 
ration, 84,600 00 

Highest Loan at any one time during the past year, . . 321,604 42 

Proportion of Loan payable out of Fall River, about Three-fourths. 

" " on which Exchange is charged, about Three-fourths. 
Amount of charges for Exchange during the last year, No account kept. 
Amount of Deposits drawing interest, . . . None. 
Annual Expenses, about .....*. $1,700 00 

Last semi-annual dividend, (July, 1862,) ... 3 per cent. 
Number of Stockholders present at last annual meeting, Not known. 
Number of votes cast, 327 

No Loans to or from other Banks during the last year. 



* Including $90,000 U. S. Loan. 



92 



BANK COMMISSIONERS' REPORT. 



[Oct. 



METACOMET BANK— FALL RIVER. 

[September 11, 1862.] 

Jefferson Borden, President. Cashier, Azariah S. Tripp. 



Capital, 
Circulation, 
Deposits, 
Bank Balances, 
Profits on hand, 



Immediate Liabilities, 



$600,000 00 


182,421 00 


204,562 36 


2,307 15 


25,712 20 

j 


11,015,002 71 


$389,290 51 



Loan,* 

Real Estate, 

Checks and Bills of 
other Banks, . 

Bank Balances, . 

Specie, 



Immediate Resources, 



$820,861 85 

10,054 97 

170,532 84 

13,553 05 

$1,015,002 71 



$194,140 86 



Overdue or Suspended Paper, $2,666.66. Probable loss, nothing. 



Number of Directors, 9 

Stock owned by Directors, . . . . 342 shares. 

Amount of Directors' Liabilities, $223,900 00 

Largest indebtedness of any one individual or company, . 176,800 00 

Loan on Stock of the Bank, (on 108 shares,) . . . 9,950 00 

Greatest amount of Stock held by any one person or cor- 
poration, ........ 756 shares. 

Highest Loan at any one time during the past year, . . $909,096 33 

Proportion of Loan payable out of Fall River, . . One-third. 

" " on which Exchange is charged, less than One-fiftieth. 

Amount of charges for Exchange during the last year, about $2,000 00 

Amount of Deposits drawing interest, . . . None. 
Annual Expenses, ........ $3,250 00 

Last semi-annual dividend, (July, 1862,) .... 3 per cent. 

Number of Stockholders present at annual meeting, about 24 
Number of shares represented " " " 2,768 

No Loans to or from other Banks during the last year. 



* Including £103,184 U. S. Loan. 



1862.] 



PUBLIC DOCUMENT— No. 8. 



93 



BANK OF BRIGHTON— BRIGHTON. 

[September 25, 1862.] 

Samuel Phillips, President. Cashier, Charles C. Hutchinson. 



Capital, 
Circulation, 
Deposits, . 
Bank Balances, 
Profits on hand, 



Immediate Liabilities, . 



1200,000 00 


194,070 


00 


63,843 


62 


200 


00 


22,332 


25 


$480,445 87 


$258,113 


62 



Loan, 

Real Estate, 

Checks and Bills of 
other Banks, . 

Bank Balances, . 

Specie, 

Bank of Mutual Re- 
demption, 



Immediate Resources, 



5372,783 79 
24,214 88 

14,587 79 
48,802 11 
17,057 30 

3,000 00 



$480,445 87 



$80,447 20 



Overdue or Suspended Paper, $14,497.32. Probable loss, $2,000. 



Number of Directors, ....... 9 

Stock owned by Directors, 205 shares. 

Amount of Directors' Liabilities, $54,000 00 

Largest indebtedness of any one individual or company, . 35,000 00 

Loan on Stock of the Bank, (on 116 shares,) . . . 8,060 00 

Greatest amount of Stock held by any one person or corpo- 
ration, ........ 75 shares. 

Highest Loan at any one time during the past year, . . $421,273 00 

Proportion of Loan payable out of Brighton, 

" " on which Exchange is charged, . 

Amount of charges for Exchange during the last year, 
Amount of Deposits drawing interest, 
Annual Expenses, ....... 

Last semi-annual dividend, (April, 1862,) . 



Three-eighths. 
- 1 - to 1 

10 LU 8' 



$660 00 
None. 

$3,800 00 
. 3 per cent. 



Number of Stockholders present at last annual meeting, 15 
Number of shares represented " " " 175 



No Loans to or from other Banks during the last year. 



94 



BANK COMMISSIONERS' REPORT. 



[Oct. 



CITY BANK OF LYNN— LYNN. 

[September 30, 1862.] 

Amos P. Tapley, President. Cashier, B. V. French. 



Capital, 
Circulation, 
Deposits, . 
Bank Balances, . 
Profits on hand, . 



Immediate Liabilities, . 



$150,000 00 

143,154 00 

65,477 62 

9,170 50 

15,131 24 



$382,933 36 



$217,802 12 



Loan,* 

Real Estate, 

Checks and Bills of 
other Banks, . 

Bank Balances, 

Specie, 



Immediate Resources, 



$294,495 51 

14,209 21 

64,497 94 

9,730 70 



$382,933 36 



,437 85 



Overdue or Suspended Paper, none. 



Number of Directors, 7 

Stock owned by Directors, ...... 113 shares. 

Amount of Directors' Liabilities, $63,176 00 

Largest indebtedness of any one individual or company, . 23,391 00 

Loan on Stock of the Bank, . . 15 shares pledged as general collateral. 

Greatest amount of Stock held by any one person or corpo- 
ration, ........ 168 shares. 

Highest Loan at any one time during the past year, . . $305,893 11 

Proportion of Loan payable out of Lynn, . 

" " on which Exchange is charged, . 

Amount of charges for Exchange during the last year, 

Amount of Deposits drawing interest, 

Annual Expenses, about ...... 

Last semi-annual dividend, (April, 1862,) . 

Number of Stockholders present at last annual meeting, 5 to 7. 

Number of shares represented " " " Not known. 

No Loans to or from other Banks during the last year. 



Large. 

Less than half. 

$700 to $800. 

$2,190 00 
3,000 00 
4 per cent. 



* Including $42,600 U. S. Loan. 



1862.] 



PUBLIC DOCUMENT— No. 8. 



95 



SAYINGS BANKS. 

No institutions for savings were incorporated by the legisla- 
ture of the present year. By the change of boundary between 
Massachusetts and Rhode Island, the Fall River (R. I.) Savings 
Bank has become a Massachusetts institution, under the name 
of The Citizens' Savings Bank, and, on the other hand, the 
Franklin Savings Bank, in Pawtucket, is excluded from the list 
of Massachusetts savings banks. Consequently, the number of 
savings institutions in the Commonwealth remains the same as 
at the date of our last Annual Report, to wit, ninety-three. 

During the past year we have examined the forty-six institu- 
tions named in the following list : — 



Savings Institutions Examined — 1861-2. 



NAME. 



Place. 



Date of 
Examination. 



Abington Savings Bank, 

Andover Savings Bank, 

Boston Five Cents Savings Bank, . 

Brighton Five Cents Savings Banks, 

Canton Savings Bank, .... 

Cape Ann Savings Bank, 

Cape Cod Five Cents Savings Bank, 

Charlestown Five Cents Savings Bank, . 

Chelsea Savings Bank, . 

Citizens' Savings Bank, .... 

City Institution for Savings, . 

Cohasset Savings Bank, 

Fairhaven Savings Bank, 

Fall River Savings Bank, 

Framingham Savings Bank, . 

Franklin Savings Bank, 

Franklin Savings Institution, . 

Hampden Savings Bank, 

Haverhill Savings Bank, 

Hingham Institution for Savings, . 

Holyoke Savings Bank, . 

Institution for Savings in the Town of 

Barnstable, . . . . 

Lowell Institution for Savings, 
Lynn Five Cents Savings Bank, . 



Abington, . 
Andover, . 
Boston, 
Brighton, . 
Canton, 
Gloucester, 
Harwich, . 
Charlestown, 
Chelsea, 
Fall River, 
Lowell, 
Cohasset, . 
Fairhaven,. 
Fall River, 
Framingham, 
Boston, 
Greenfield, 
Springfield, 
Haverhill, . 
Hingham, . 
Holyoke, . 

Barnstable, 

Lowell, 

Lynn, 



June 28 
April 7 
Jan. 7 
Sept. 25 
April 22 
Sept. 3 
July 24 
Sept. 24 
Sept. 23 
Sept. 10 
Oct, 3 
July 30 
May 22 
May 15 
Aug. 28 
June 10 
May 29 
July 1 
June 18 
July 29 
July 2 

July 25 
Oct. 3 
Sept. 30 



1862. 
1862. 
1862. 
1862. 
1862. 
1862. 
1862. 
1862. 
1862. 
1862. 
1861. 
1862. 
1862. 
1862. 
1862. 
1862. 
1862. 
1862. 
1862. 
1862. 
1862. 

1862. 
1861. 
1862. 



96 



BANK COMMISSIONERS' REPORT. 

Institutions Examined — Concluded. 



[Oct. 



NAME. 



Place. 



Date of 
Examination. 



Mechanics' Savings Bank, 

Milford Savings Bank, .... 

Natick Five Cents Savings Bank, . 

New Bedford Five Cents Savings Bank, 

New Bedford Institution for Savings, 

Newburyport Five Cents Savings Bank, 

Plymouth Five Cents Savings Bank, 

Plymouth Savings Bank, 

Provident Institution for Savings in the 

Towns of Salisbury and Amesbury, . 
Randolph Savings Bank, 
Salem Savings Bank, .... 
Scituate Savings Bank, . 
South Scituate Savings Bank, 
Springfield Five Cents Savings Bank, . 
Springfield Institution for Savings, 
Stoneham Five Cents Savings Bank, 
Suffolk Savings Bank for Seamen and 

others, ...... 

Wareham Savings Bank, 

Warren Five Cents Savings Bank, 

Westfield Savings Bank, 

Weymouth and Braintree Institution for 

Savings, ...... 

Woburn Five Cents Savings Bank, 



Lowell, 
Milford, . 
Natick, 
New Bedford, 
New Bedford, 
Newburyport, 
Plymouth, . 
Plymouth, . 

Salisbury, . 
Randolph, . 
Salem, 
Scituate, 
South Scituate, 
Springfield, 
Springfield, 
Stoneham, . 

Boston, 
Wareham, . 
South Danvers, 
Westfield, . 

Weymouth, 
Woburn, . 



July 17 
July 10 
April 4 
Sept. 10 
May 21 
May 13 
June 11 
June 10 

May 14 
Aug. 29 
Sept. 3 
July 30 
July 30 
July 3 
Oct. 8 
Sept. 29 

Dec. 10 

July 23 
April 24 
Oct. 9 

June 12 
April 29 



1862. 
1862. 
1862. 
1862. 
1862. 
1862. 
1862. 
1862. 

1862. 
1862. 
1862. 
1862. 
1862. 
1862. 
1861. 
1862. 

1861. 
1862. 
1862. 
1861. 

1862. 
1862. 



The general condition of the institutions above named, at the 
time of their respective examinations, will be shown in the 
following Abstracts : — 



1862.] 



PUBLIC DOCUMENT— No. 8. 



97 



ABSTRACTS. 



LOWELL INSTITUTION FOR SAVINGS— LOWELL. 

[October 3, 1861.] 

Theodore Edson, President. Treasurer, James G. Carney. 



Deposits, ....... 


$1,077,017 89 




Profit and Loss, ..... 


21,573 77 




Suspense, ....... 


5,380 18 




Lowell Bank, ...... 


451 92 




Public Funds, (U. S. Treasury Notes,) 




$50,000 00 


Bank Stock, ...... 




262,360 00 


Real Estate, ...... 




20,334 06 


Loans on Stock, ..... 




1,000 00 


on Mortgage of Real Estate, . 




151,600 00 


to Cities and Towns, 




356,125 00 


to Banks, on interest, 




263,000 00 


Cash on hand, ...... 




4 70 




11,101,423 76 


$1,104,423 76 



Number of Depositors, . 

Rate of ordinary dividends for the last year, 

Amount of ordinary dividends for the last year, 

Average annual rate of dividends for the five years endi 

May, 1860, about 

Last dividend of reserved profits, in May, 1860, 
Extra dividends are made once in every . 
Largest amount invested in the stock of any one bank, 
Average annual expenses, about .... 



ng m 



4,632 
4 per cent. 
. $43,411 98 



7-f per cent. 
. $128,819 13 
Five years. 
. $53,600 00 
3,100 00 



13 



98 



BANK COMMISSIONERS' REPORT. 



[Oct. 



CITY INSTITUTION FOR SAVINGS— LOWELL. 

[October 3, 1861.] 

Nathan Allen, President. Treasurer, John A. Buttrick. 



Deposits, ....... 


11,656,589 32 




Profits, 


47,616 94 




Due Appleton Bank, .... 


402 67 




Public Funds, ...... 




$78,700 00 


Bank Stock, ...... 




264,675 00 


Loans on Bank Stock, .... 




28,700 00 


on Real Estate, .... 




754,435 33 


on Personal Security, 




148,300 00 


to County, Cities and Towns, . 




357,675 00 


to Banks, on interest, 




71,300 00 


Expense account, 




761 33 


Cash on hand, 




62 27 




81,704,608 93 


$1,704,608 93 



Number of Depositors, 

Rate of ordinary dividends for the last year, 

Amount of ordinary dividends for the last year, 

Average annual rate of dividends, . 

Last dividend of reserved profits, in January, 1858, 

Extra dividends are made once in every . 

Largest amount invested in the stock of any one bank, 

Average annual expenses, 



5,895 
5 per cent. 
. $76,756 44 

^i 2 o 2 o P er cent ' 
. $60,167 05 

Five years. 

. $25,000 00 

3,000 00 



1862.] 



PUBLIC DOCUMENT— No. 8. 



99 



SPRINGFIELD INSTITUTION FOR SAYINGS— SPRINGFIELD. 

[October 8, 1861.] 

Josiah Hooker, President. Treasurer, Henry S. Lee. 



Deposits, 


$873,222 76 




Profits, 


19,099 55 




Public Funds, ...... 




$40,000 00 


Bank Stock, 




215,500 00 


Loans on Bank Stock, .... 




24,650 00 


on Real Estate, .... 




481,621 77 


on Personal Security, 




112,157 62 


to City and Towns, 




6,000 00 


Cash on hand, ...... 




12,392 92 




$892,322 31 


$892,322 31 



Number of Depositors, ...... 

Rate of ordinary dividends for the last year, 
Amount of ordinary dividends for the last year, 
Average annual rate of dividends, .... 

Last dividend of reserved profits, in July, 1859, 
Extra dividends are made once in every . 
Largest amount invested in the stock of any one bank, 
Average annual expenses, about .... 



3,733 

5 per cent. 
. $41,474 99 
6^ per cent. 
. $24,233 02 
Five years. 
. $24,000 00 
2,225 00 



100 



BANK COMMISSIONERS' REPORT. 



[Oct. 



WESTFIELD SAYINGS BANK— WESTFIELD. 

[October 9, 1861.] 

Charles A. Jessup, President. Treasurer. Henry Hooker. 



Deposits, ....... 


§100,174 37 




Profits, 


1,312 02 




Bank Stock, 




$6,400 00 


Loans on Bank Stock, .... 




8,850 00 


on Real Estate, .... 




32,412 04 


on Personal Security, 




45,355 00 


to Town of Westfield, . 




2,000 00 


Loan to Bank on interest, .... 




4,000 00 


Cash on hand, 




2,499 35 




$101,516 39 


§101,516 39 



Number of Depositors, ..... 

Bate of ordinary dividends for the last year, 

Amount of ordinary dividends for the last year, 

Average annual rate of dividends, . 

Last dividend of reserved profits, in July, 1858, 

Extra dividends are made once in every . 

Largest amount invested in the stock of any one bank, 

Average annual expenses, ...... 



616 
5 per cent. 

$4,420 49 
6|- per cent. 

$1,182 14 
Five years. 
$3,700 00 
65 12 



1862.] 



PUBLIC DOCUMENT— No. 8. 



101 



SUFFOLK SAVINGS BANK FOR SEAMEN AND OTHERS- 
BOSTON. 

[December 10, 1861.] 

Thomas Lamb, President. Treasurer, Charles H. Parker. 



Deposits, ....... 


12,803,046 


38 




Profits, 


260,637 


65 




Public Funds, 






$446,100 00 


Bank Stock, ...... 






365,175 00 


Loans on Public Funds, .... 






45,000 00 


on Bank Stock, .... 






5,000 00 


on Real Estate, .... 






1,241,300 00 


on Personal Security, 






874,034 16 


to Banks, on interest, 






59,000 00 


Fifty-seventh Dividend, .... 






11,570 89 


Expense account, ..... 






1,907 80 


Cash on hand, ...... 






14,596 18 




$3,063,684 


03 


$3,063,684 03 



Number of Depositors, ..... 

Rate of ordinary dividends for the last year, 

Amount of ordinary dividends for the last year, 

Average annual rate of dividends, . 

Last dividend of reserved profits, in April, 1858, 

Extra dividends are made once in every . 

Largest amount invested in the stock of any one bank, 

Average annual expenses, about .... 



9,376 
4 per cent. 
. $108,571 45 
7 per 'cent. 

. $185,059 20 
Five years. 
. $48,300 00 
10,600 00 



102 



BANK COMMISSIONERS' REPORT. 



[Oct. 



BOSTON FIVE CENTS SAVINGS BANK— BOSTON. 

[January 7, 1862.] 



Paul Adams, President. 



Treasurer, Alonzo H. Evans. 



Deposits, ....... 


$2,751,661 58 




Profits, 


85,795 69 




Suspense, ...... 


262 30 




Public Funds, 




$250,150 00 


Bank Stock, ...... 




307,542 00 


Loans on Bank Stock, .... 




76,010 00 


Real Estate, 




86,044 86 


Loans on Real Estate, .... 




1,655,050 00 


on Personal Security, 




104,700 00 


to Counties and Towns, 




141,800 00 


to Banks, on interest, 




207,027 20 


Expense account, ..... 




9,368 73 


Cash on hand, ...... 




26 78 




$2,837,719 57 


$2,837,719 57 



Number of Depositors, ...... 

Rate of ordinary dividends for the last year, 
Amount of ordinary dividends for the last year, 
Average annual rate of dividends, .... 

Last dividend of reserved profits, in April, 1859, 
Extra dividends are made once in every . 
Largest amount invested in the stock of any one bank, 
Average annual expenses, ..... 

Expenses for the year 1861, ..... 



24,931 

5 per cent. 
. $122,993 06 
7 per cent. 
. $37,683 86 
Five years. 
. $33,340 75 
8,136 05 
12,854 55 



1862.] 



PUBLIC DOCUMENT— No. 8. 



103 



NATICK FIVE CENTS SAVINGS BANK— NATICK. 

[April 4, 1862.] 

John Kimball, President. Treasurer, Nathaniel Clark. 



Deposits, ....... 


$5,634 12 




Profits, ....... 


234 37 




Bank Stock, 




$518 75 


Loans on Bank Stock, .... 




- 


on Real Estate, .... 




3,635 00 


on Personal Security, 




1,100 00 


Office Furniture and Fixtures, . 




172 79 


Expense account, ..... 




316 06 


Cash on hand, ...... 




125 89 




$5,868 49 


$5,868 49 



Number of Depositors, ....... 

Bate of ordinary dividends for the last year, 

Amount of ordinary dividend in November, 

No dividend of reserved profits has yet been made.* 

Extra dividends are to be made once in . 

The first extra dividend will be due in ... . 

Largest amount invested in the stock of any one bank, 
Average annual expenses, ...... 



Not stated. 
4 per cent. 

$99 71 

Five years. 
May, 1865. 

$518 75 
100 00 



* This institution was incorporated and commenced business in 1859. 



10-1 



BANK COMMISSIONERS' REPORT. 



[Oct. 



ANDOVER SAYINGS BANK— AND OVER. 

[April 7, 1862.] 

Nathaniel Swift, President. Treasurer, John Flint. 



Deposits, ....... 


$331,259 15 




Profits, ....... 


4,228 83 


\ 


Public Funds, (U. S. Bonds,) . 




$33,532 50 


Bank Stock, ...... 




73,000 00 


Real Estate, ...... 




938 60 


Loans on Bank Stock, .... 




3,250 00 


on Real Estate, .... 




161,326 20 


on Personal Security, 




62,940 00 


to Towns, ..... 




9,350 00 


Deposit in Bank, on interest, 




526 23 


Cask on kand, ...... 




624 45 




$335,487 98 


$335,487 98 



Number of Depositors, ..... 
Rate of ordinary dividends for the last year, 
Amount of ordinary dividends for the last year, 
Average annual rate of dividends, . 
Last dividend of reserved profits, in 1860, 
Next extra dividend will be due in . 
Largest amount invested in tke stock of any one bank, 
Average annual expenses, ..... 



1,453 

5 per cent, 

. $15,042 65 

6 per cent. 

. $10,528 41 
1865. 

. $15,000 00 
600 00 



1862.] 



PUBLIC DOCUMENT— No. 8. 



105 



CANTON INSTITUTION FOR SAVINGS— CANTON. 

[April 22, 1862.] 

Charles H. French, President. Treasurer, Francis W. Deane. 



Deposits, 


$92,073 02 




Profits, 


4,215 18 




Bank Stock, 


• * 


$5,050 00 


Loans on Bank Stock, .... 




2,700 00 


on Real Estate, 




64,957 00 


on Personal Security, 




19,836 00 


to Towns, 




2,900 00 


Expense account, 




166 31 


Cash on hand, 




678 89 




$96,288 20 


$96,288 20 



Number of Depositors, .... 

Rate of ordinary dividends for the last year, 

Amount of ordinary dividends for the last year, 

Average annual rate of dividends, about . 

Last dividend of reserved profits, in 1860, 

Next extra dividend will be due in . 

Largest amount invested in the stock of any one bank, 

Average annual expenses, 



539 
5 per cent. 
. $4,499 64 
7 per cent. 

$3,149 60 
1865. 

$3,200 00 
325 00 



14 



106 



BANK COMMISSIONERS' REPORT. 



[Oct. 



WARREN FIVE CENTS SAYINGS BANK— SOUTH DANVERS. 

[April 24, 1862.] 
George Osborne, President. Treasurer, Francis Baker. 



Deposits, ....... 


$124,725 82 




Profits, ....... 


6,334 23 




Public Funds, (United States,) . 




15,000 00 


Public Funds, (Massachusetts,) . 




4,000 00 


Bank Stock, ...... 




60,237 41 


Loans on Real Estate, .... 




42,200 00 


on Personal Security, 




4,800 00 


to Cities and Towns, 




9,000 00 


Cash on hand, ...... 




5,822 64 




§131,060 05 


§131,060 05 



Number of Depositors, 

Rate of ordinary dividends for the last year, . 

Amount of ordinary dividends for the last year, 

Average annual rate of dividends, . 

First dividend of reserved profits, in 1859, 

Next extra dividend ■will be due in . 

Largest amount invested in the stock of any one bank, 

Average annual expenses, about* .... 



937 
5 per cent. 

§5,351 94 
7 per cent. 

§2,891 80 
Nov. 1864. 
. §11,750 00 
275 00 



* Expenses at the present time, about §500 per annum. 



1862.] 



PUBLIC DOCUMENT— No. 8, 



107 



WOBURN FIVE CENTS SAVINGS BANK— WOBURN. 

[April 29, 1862.] 

Bowen Buckman, President. Treasurer, James N. Dow. 



Deposits, 






852,718 80 




Profits, 






826 29 




Public Funds, (State Stocks,) 








$2,040 00 


Public Funds, (U. S. Stocks,) . 








8,591 95 


Bank Stock, 








9,101 00 


Loans on Bank Stock, 








600 00 


on Real Estate, 








11,849 00 


on Personal Security, 








12,549 99 


to Towns, 








8,175 61 


Cash on hand, . 








637 54 








$53,545 09 


$53,545 09 



Number of Depositors, 

Rate of ordinary dividends for the last year, . 

Amount of ordinary dividends for the last year, 

Average annual rate of dividends, . 

Last dividend of reserved profits, in July, 1860, 

Extra dividends are made once in 

Largest amount invested in the stock of any one bank, 

Average annual expenses, about .... 



928 

5 per cent. 

$2,407 08 

6 per cent. 

$809 64 
Three years. 
$4,000 00 
300 00 



108 



BANK COMMISSIONERS' REPORT. 



[Oct. 



NEWBURYPORT FIVE CENTS SAYINGS BANK — NEWBURY- 

PORT. 

[May 13, 1862.] 



David Wood, President. 



Treasurer, A. "W. Miltimore. 



Deposits, .... 






$197,997 94 




Due Sundry Parties, . 






120 90 




Profit and Loss, 






350 20 




Public Funds, (United States,) 












$13,687 50 


Bank Stock, 












37,493 38 


Loans on Bank Stock, 












- 


on Real Estate, 












84,533 42 


on Personal Security, 












37,614 86 


to Towns, 












600 00 


to Corporations, 












18,825 00 


Uncollected Interest, 












1,142 87 


Deposit in Institution for Savings, 










659 75 


Cash on hand, 










3,912 26 




$198,469 04 


$198,469 04 




2,000 


Rate of ordinary dividends for the last year, 


Q\ per cent. 


Amount of ordinary dividends for the last year, 


. $10,233 00 


No extra dividends are made. 




Largest amount invested in the stock of any one bank, 


5,838 00 




600 00 



1862.] 



PUBLIC DOCUMENT— No. 8. 



109 



THE PROVIDENT INSTITUTION FOR SAVINGS IN THE TOWNS 
OF SALISBURY AND AMESBURY— SALISBURY. 

[May 14, 1862.] 

Abraham Colby, President. Treasurer, Thomas J. Clark. 





$366,780 66 




Profit and Loss, 


2,000 00 






1,129 11 




Public Funds, (U. S. 7 T \), 








$10,000 00 


Public Funds, (State, 6 per cent.,) . 








24,000 00 


Bank Stock, 








98,295 00 


Real Estate, 








4,900 00 


Loans on Bank Stock, .... 








4,750 00 


on Real Estate, .... 








77,326 00 


on Personal Notes, 








66,250 00 


to Counties, Cities and Towns, 








52,300 00 


to Banks, on interest, 








31,000 00 


Cash on band, 








1,088 77 




$369,909 77 


$369,909 77 



Number of Depositors, 

Rate of ordinary dividends for the last year, 

Amount of ordinary dividends for the last year, 

Average annual rate of dividends, . 

Last extra dividend, in October, 1855, 

Largest amount invested in the stock of any one bank, 

Average annual expenses, a little over 



1,911 
6 per cent. 
. $20,468 05 
6 per cent. 
$1,928 62 
5,000 00 
500 00 



110 



BANK COMMISSIONERS' REPORT. 



[Oct. 



FALL EIVER SAYINGS BANK— FALL RIVER. 

[May 15, 1862.] 

Nathaniel B. Borden, President. Treasurer, Joseph F. Lindsey. 



Deposits, 


$1,667,211 74 




Balance of interest account, 


38,809 96 




Public Funds, (United States,) 




$89,637 50 


Bank Stock, 




515,762 50 


Loans on Bank Stock, .... 




- 


on Real Estate, .... 




340,146 60 


on Personal Security, 




727,266 82 


to City of Fall River, 




15,000 00 


Cash on hand, ...... 




18,208 28 




$1,706,021 70 


$1,706,021 70 



Number of Depositors, 5,462 

Rate of ordinary dividends for the last year, ... 6 per cent. 
Amount of ordinary dividends for the last year, . . . $101,087 29 
No extra dividends are made. 

Largest amount invested in the stock of any one bank, . . 75,600 00 
Average annual expenses, about 3,300 00 



1862.] 



PUBLIC DOCUMENT— No. 8. 



Ill 



NEW BEDFORD INSTITUTION FOR SAVINGS— NEW BEDFORD. 

[May 21, 1862.] 



Thomas Mandell, President. 



Treasurer. William L. Coffin. 



Deposits, 


$2,396,931 20 




Profits, 


16,680 53 




Public Funds, (United States,) . 








$232,273 75 


Public Funds, (Massachusetts,) . 








82,632 00 


Public Funds, (other States,) . 








169,000 00 


Bank Stock, 








909,972 00 


Real Estate, 








13,283 00 


Loans on Bank Stock, .... 








2,710 00 


on Real Estate, .... 








2,329 81 


on Railroad Stock, .... 








12,750 00 


on Personal Security, 








600,347 02 


to Counties, Cities and Towns, 








312,700 00 


to Banks, on interest, ... 








32,000 00 


Cash on hand, ...... 








43,614 15 




$2,413,611 73 


$2,413,611 73 



Number of Depositors, ..... 

Rate of ordinary dividends for the last year, 

Amount of ordinary dividends for the last year, 

Average annual rate of dividends, . 

Last dividend of reserved profits, April, 1859, . 

Extra dividends have been made once in . 

Largest amount invested in the stock of any one bank, 

Average annual expenses, about .... 



8,691 
6 per cent. 
. $135,562 29 
6| per cent. 
. $23,720 29 
Five years. 
. $100,000 00 

3,500 00 



112 



BANK COMMISSIONERS' REPORT. 



[Oct. 



FAIRHAVEN INSTITUTION FOR SAYINGS— FAIRHAVEN. 

[May 22, 1862.] 

I. F. Terry, President. Treasurer, Charles Drew. 



Deposits, 


$231,755 79 




Profits, 


5,810 97 




Public Funds, 




$23,200 00 


Bank Stock, 




122,000 00 


Loans on Bank Stock, .... 




6,033 50 


on Real Estate, .... 




14,565 50 


on Personal Security, 




51,465 44 


to Towns, 




19,800 00 


Cash on hand, ...... 




502 32 




$237,566 76 


$237,566 76 



Number of Depositors, .... 

Rate of ordinary dividends for the last year, 

Amount of ordinary dividends for the last year, 

No extra dividends are made. 

Largest amount invested in the stock of any one bank, 

Average annual expenses, ..... 



854 
6 per cent. 
. $14,489 60 

33,800 00 
750 00 



1862.] 



PUBLIC DOCUMENT— No. 8. 



113 



FRANKLIN SAVINGS INSTITUTION— GREENFIELD. 

[May 29, 1862.] 

Henry W. Cushman, President. Treasurer, William H. Allen. 



Deposits, 


$526,876 85 




Profits, 


14,316 66 




Public Funds, (United States,) . 




$115,000 00 


Public Funds, (Vermont,) 




22,000 00 


Bank Stock, 




73,700 00 


Loans on Bank Stock, .... 




6,750 00 


on Real Estate, .... 




138,230 60 


on Personal Security, 




103,371 15 


to Counties, Cities and Towns, 




48,900 00 


Connecticut River Railroad Bonds, . 




20,000 00 


Cash on hand, ...... 




13,241 76 




$541,193 51 


$541,193 51 



Number of Depositors, about 2,582 

Rate of ordinary dividends for the last year, ... 5 per cent. 
Amount of ordinary dividends for the last year, . . . $23,903 29 
Average annual rate of dividends, ..... 6 per cent. 
Last dividend of reserved profits, 1 per cent., Jan. 2, 1862, . $14,252 55 

Extra dividends are made once in Five years. 

Largest amount invested in the stock of any one bank, . . $20,400 00 
Average annual expenses, about 1,250 00 



15 



114 



BANK COMMISSIONERS' REPORT. 



[Oct. 



FRANKLIN SAYINGS BANK*— BOSTON. 

[June 10, 1862.] 

Osmyn Brewster, President. Treasurer, Henry Whittemore. 



Deposits, .... 






153,212 78 




Profits, .... 






677 65 




Special Deposit, 






638 00 




Public Funds, (United States,) 








$23,845 74 


Public Funds, (Massachusetts,) 








5,000 00 


Bank Stock, 








15,256 75 


Loans on Bank Stock, 








- 


on Real Estate, 








1,600 00 


on Personal Security, 








160 00 


to Banks, on interest, 








8,215 07 


Expense account, 








75 00 


Cash on band, .... 








375 87 




$54,528 43 


$54,528 43 




514 


Rate of ordinary dividends for the last year, 


4 per cent. 


Amount of ordinary dividends for the last year, 


$257 16 


Largest amount invested in tbe stock of any one bank, 


4,623 50 


Annual expenses, including State tax, .... 


571 00 



* This institution commenced business July 1, 1861. 



1862.] 



PUBLIC DOCUMENT— No. 8. 



115 



PLYMOUTH SAVINGS BANK— PLYMOUTH. 

[June 10, 1862.] 

Nathaniel Russell, President. Treasurer, Allen Danforth. 



Deposits, 


$883,799 03 




Profits, 


52,209 74 




Suspense, 


976 54 




Public Funds, (United States,) . 








$29,909 30 


Public Funds, (Massachusetts,) . 








23,960 00 


Bank Stock, ...... 








319,672 92 


Real Estate, ...... 








4,946 20 


Loans on Public Funds, .... 








1,570 00 


on Bank Stock, .... 








25,380 00 


on Real Estate, .... 








350,360 00 


on Personal Security, 








77,117 14 


on Railroad Stock, .... 








7,723 00 


to Counties, Cities and Towns, 








59,937 50 


to Banks, on interest, 








16,296 71 


Interest accrued, 








14,906 61 


Cash on hand, 








5,205 93 




$936,985 31 


$936,985 31 



Number of Depositors, 4,708 

Rate of ordinary dividends for the last year, ... 5 per cent. 
Amount of ordinary dividends for the last year, . . . $43,067 37 

Average annual rate of dividends, 7-| per cent. 

Last dividend of reserved profits, 2\ per cent, in Jan., 1859, . $43,903 36 

Extra dividends are made once in Five years. 

Largest amount invested in the stock of any one bank, . . $26,700 00 
Average annual expenses, last three years, .... 2,675 00 



116 



BANK COMMISSIONERS' REPORT. 



[Oct. 



PLYMOUTH FIVE CENTS SAVINGS BANK— PLYMOUTH. 

[June 11, 1862.] 

Robert B. Hall, President. Treasurer, Daniel J. Bobbins. 



Deposits, 


$36,766 02 




Profits, 


570 36 




Public Funds, (United States,) . 




$2,287 75 


Bank Stock, 




10,768 30 


Loans on Bank Stock, .... 




885 00 


on Real Estate, .... 




18,316 00 


on Personal Security, 




4,372 00 


Expense account, ...... 




122 83 


Cash on hand, 




584 50 




$37,336 38 


$37,336 38 




629 


Rate of ordinary dividends for the last year, 


5 per cent. 


Amount of ordinary dividends for the last year, 


$1,683 27 


No dividend of reserved profits has ever been made. 




Largest amount invested in the stock of any one bank, 


1,584 90 


Average annual expenses for seven years, 


208 65 


Annual expenses at present, State tax included, about . 


400 00 



1862.] 



PUBLIC DOCUMENT— No. 8. 



117 



WEYMOUTH AND BRAINTREE INSTITUTION FOR SAVINGS— 

WEYMOUTH. 

[June 12, 1862.] 

E. L. White, President. Treasurer, A. L. White. 



Deposits, .... 

Profits, .... 

Public Funds, (United States,) 

Bank Stock, 

Loans on Bank Stock, 
on Real Estate, 
on Personal Security, 

Cask on hand, . 



$243,693 32 
4,218 14 



$247,911 46 



$3,937 56 

30,700 00 

178,569 50 

29,619 30 

5,085 10 



$247,911 46 



Number of Depositors, 

Rate of ordinary dividends for the last year, 
Amount of ordinary dividends for the last year, 
Average annual rate of dividends, ..... 
Last dividend of reserved profits, l^g per cent, in 1859, . 

Extra dividends are made once in 

Largest amount invested in the stock of any one bank, 
Average annual expenses, about ..... 



1,358 
5 per cent. 
. $11,863 64 
6^-g- per cent. 

$9,578 90 
Five years. 
$8,900 00 
450 00 



118 



BANK COMMISSIONERS' REPORT. 



[Oct. 



HAVERHILL SAVINGS BANK— HAVERHILL. 

[June 18, 1862.] 

John A. Apple ton, President. Treasurer, James Gale. 



Deposits, .... 

Profits, .... 

Public Funds, (United States,) 

Bank Stock, 

Loans on Bank Stock, 
on Real Estate, 
on Personal Security, 
on Railroad Stock, 
to Towns, 

Cash on hand, . 



5762,020 75 
19,883 56 



$781,904 31 



$37,000 00 

241,000 00 

55,300 00 

432,950 00 

3,000 00 

2,000 00 

8,800 00 

1,854 31 



$781,904 31 



Number of Depositors, 

Rate of ordinary dividends for the last year, . 
Amount of ordinary dividends for the last year, 
Average annual rate of dividends, . 



3,766 
5 per cent. 
. $75,795 17 
7 per cent. 



Last dividend of reserved profits, 2 per cent., in October, 1859, $44,675 22 
Extra dividends are made once in . . . . . Five years. 
Largest amount invested in the stock of any one bank, . . $24,000 00 
Average annual expenses, 1,500 00 



1862.] 



PUBLIC DOCUMENT— No. 8. 



119 



ABINGTON SAVINGS BANK— ABINGTON. 

[June 28, 1862.] 

Jenkins Lane, President. Treasurer, Judson N. Farrar. 



Deposits, 






^142,007 74 




Profits, 






4,248 83 




Public Funds, (United States,) . 








$4,000 00 


Bank Stock, . 








26,182 50 


Loans on Bank Stock, 








- 


on Real Estate, 








95,357 00 


on Personal Security, 








10,935 00 


to Town of Abington, 








4,000 00 


Taxes and Insurance, 








368 14 


Cash on hand, . 








5,413 93 








$146,256 57 


$146,256 57 



Number of Depositors, ..... 

Rate of ordinary dividends for the last year, 

Amount of ordinary dividends for the last year, 

Average annual rate of dividends, . 

Last dividend of reserved profits, in July, 1858, 

Extra dividends are made once in . 

Largest amount invested in the stock of any one bank, 

Average annual expenses, about .... 



857 
5 per cent. 

$6,765 08 

^tq\ P er cent - 

. $2,117 29 

Five years. 

$4,040 00 

325 00 



120 



BANK COMMISSIONERS' EEPORT. 



[Oct. 



HAMPDEN SAYINGS BANK— SPRINGFIELD. 

[July 1, 1862.] 

Stephen C. Bemis, President. Treasurer, Frederick S. Bailey. 



Deposits, .... 






$224,741 46 




Profits, 






8,039 56 




Public Funds, (United States,) 








$22,395 00 


Public Funds, (Connecticut,) . 








5,000 00 


Bank Stock, 








83,750 50 


Loans on Bank Stock, 








4,800 00 


on Real Estate, 








66,150 87 


on Personal Security, 








43,700 00 


to City of Springfield, 








900 00 


Cash on hand, . 








6,084 65 








$232,781 02 


$232,781 02 



Number of Depositors, 

Rate of ordinary dividends for the last year, 
Amount of ordinary dividends for the last year, 
Average annual rate of dividends, . 



1,251 

5 per cent. 
. $10,244 25 
6^ per cent. 



Last dividend of reserved profits, 1| per cent., in February, 

1858, $3,401 56 

Extra dividends are made once in Five years. 

Largest amount invested in the stock of any one bank, . Not stated. 
Average annual expenses, about $650 00 



1862.] 



PUBLIC DOCUMENT— No. 8. 



121 



HOLYOKE SAYINGS BANK— HOLYOKE. 

[July 2, 1862.] 

Joel Russell, President. Treasurer, Gustavus Snow. 



Deposits, 




$34,212 82 




Profits, ..... 




562 09 




Public Funds, (United States,) 






$1,000 00 


Bank Stock, .... 






5,384 50 


Loans on Bank Stock, 






- 


on Real Estate, 






16,615 00 


on Personal Security, 






4,810 00 


to Town of Holyoke, 






4,900 00 


Expense account, 






86 90 


Cash on hand, . 






1,978 51 






$34,774 91 


$34,774 91 



Number of Depositors, ..... 
Rate of ordinary dividends for the last year, . 
Amount of ordinary dividends for the last year, 
Average annual rate of dividends, . 



270 
5 per cent. 

$1,422 45 
^iVo P er cent * 



Last dividend of reserved profits, Ij 1 ^ per cent., in Oct. 1860, $417 42 

Extra dividends are made once in .... . Five years. 
Largest amount invested in the stock of any one bank, . . $1,700 00 
Average annual expenses, about 180 00 



16 



122 



BANK COMMISSIONERS' REPORT. 



[Oct. 



SPRINGFIELD FIVE CENTS SAYINGS BANK— SPRINGFIELD. 

[July 3, 1862.] 

Joseph C. Pynchon, President. Treasurer, Daniel J. Marsh. 



Deposits, 


1227,945 03 




Profits, . . . . ■ . 


6,510 31 




Public Funds, (United States,) 




$6,780' 00 


Bank Stock, 




36,058 25 


Loans on Bank Stock, .... 




- 


on Real Estate, .... 




154,355 00 


on Personal Security, 




18,900 00 


Expense account, ..... 




385 25 


Cash on hand, 




17,976 84 




$234,455 34 


$234,455 34 



Number of Depositors, 

Rate of ordinary dividends for the last year, 

Amount of ordinary dividends for the last year, 

Average annual rate of dividends, . 

Last dividend of reserved profits, in August, 1857, 

How often extra dividends are made, 

Largest amount invested in the stock of any one bank, 

Annual expenses, 



2,913 

5 per cent. 

. $10,329 64 

6 per cent. 

. $2,035 42 
Not stated. 
$5,780 00 
1,200 00 



1862.] 



PUBLIC DOCUMENT— No. 8. 



123 



MILFORD SAVINGS BANK— MILFORD. 

[July 10, 1862.] 

O. Underwood, President. Treasurer, A. G. Underwood. 



Deposits, 


$98,548 67 




Profits, 


953 54 




Public Funds, (United States,) . 




$1,000 00 


Bank Stock, 




17,174 00 


Loans on Bank Stock, .... 




10,355 00 


on Real Estate, .... 




27,316 00 


on Personal Security, 




20,677 00 


to Towns, 




18,000 00 


Cash on hand, 




4,980 21 




$99,502 21 


$99,502 21 



Number of Depositors, 816 

Rate of ordinary dividends for the last year, ... 5^ per cent. 
Amount of ordinary dividends for the last year, . . . $3,853 84 

Average annual rate of dividends, 5 per cent. 

Last dividend of reserved profits, 1^ per cent., in May, 1862, . $3,271 45 

Extra dividends are made once in Five years. 

Largest amount invested in the stock of any one bank, . . $8,366 00 
Average annual expenses, ....... 225 00 



124 



BANK COMMISSIONERS' REPORT. 



[Oct. 



MECHANICS' SAYINGS BANK*— LOWELL. 

[July 17, 1862.1 

Treasurer, John F. Rogers. 



W. A. Burke, President. 



Deposits, ....... 


$66,415 39 




Profits, 


430 84 




Public Funds, (United States,) . 


• 


$33,540 00 


Bank Stock, ...... 


• 


11,734 00 


Loans on Bank Stock, .... 


• 


- 


on Real Estate, . . • . 


? 


8,400 00 


on Personal Security, 


• 


4,000 00 


Suspense account (uncollected interest,) . 


• 


437 27 


Expense account, 


• 


4 25 


Cash on hand, 


• 


8,730 71 




$66,846 23 


$66,846 23 



Number of Depositors, . . . . . . . . 379 

Rate of ordinary dividends for the last year, ... 5 per cent. 
Amount of ordinary dividends for the last year, . . . $1,583 00 
Extra dividends are to be made once in . . . . Three years. 

Largest amount invested in the stock of any one bank, . . $5,000 00 
Annual expenses, about . 200 00 



* This institution had been in operation about one year at the time of examination. 



1862.] 



PUBLIC DOCUMENT— No. 8. 



125 



WAREHAM SAYINGS BANK— WAREHAM. 

[July 23, 1862.] 



J. B. Tobey, President. 



Treasurer, T. R. Miles. 



Deposits, ....... 


$164,491 99 




Profits, 


12,923 18 




Due Wareham Bank, .... 


8,382 15 




Bank Stock, ...... 




$94,475 20 


Loans on Bank Stock, .... 




30,068 00 


on Real Estate, .... 




31,621 25 


on Personal Security, 




29,300 00 


Expense account, 




138 75 


Cash on hand, 




194 12 




$185,797 32 


$185,797 32 




852 


Rate of ordinary dividends for the last year, 


5 per cent. 


Amount of ordinary dividends for the last year, 


$9,385 20 


Dividends of reserved profits are not made. 




Largest amount invested in the stock of any one bank, 


12,230 95 


Average annual expenses, about 


575 00 



126 



BANK COMMISSIONERS' REPORT. 



[Oct. 



CAPE COD FIVE CENTS SAVINGS BANK— HARWICH. 

[July 24, 1862.] 

Nathaniel Snow, President. Treasurer, Obed Brooks. 



Deposits, ..... 






$55,498 10 




Profits, . . 






1,593 50 




Public Funds, (United States,) 








$2,000 00 


Bank Stock, 








5,967 25 


Loans on Bank Stock, 








- 


on Real Estate, 








21,817 25 


on Personal Security, 








22,338 00 


to County and Towns, 








2,100 00 


Paid on Dividend No. 11, . 








87 46 


Cash on hand, . 








2,781 64 




$57,091 60 


$57,091 60 




673 


Rate of ordinary dividends for the last year, 


4 per cent. 


Amount of ordinary dividends for the last year, 


$1,690 40 


Average annual rate of dividends, ..... 


6 per cent. 


Dividend of reserved profits, April, 1861, .... 


$701 09 


Extra dividends are made once in .... . 


Five years. 


Largest amount invested in the stock of any one bank, 


$4,967 25 




275 00 



1862.] 



PUBLIC DOCUMENT— No. 8. 



127 



INSTITUTION FOR SAVINGS IN THE TOWN OF BARNSTABLE 

—BARNSTABLE. 

[July 25, 1862.] 

Joseph M. Day, President. Treasurer, John Munroe. 



Deposits, .... 






1579,348 76 




Profits, 






497 29 




Public Funds, (United States,) 








$10,500 00 


Bank Stock, 








140,706 56 


Real Estate, 








5,770 00 


Loans on Bank Stock, 








- 


on Real Estate, 








222,136 17 


on Personal Security, 








169,490 72 


to County and Towns, 








22,870 00 


Cash on hand, . 








8,372 60 








1579,846 05 


$579,846 05 



Number of Depositors, ...... 

Rate of ordinary dividends for the last year, 
Amount of ordinary dividends for the last year, 
Dividends of reserved profits are not made. 
Largest amount invested in the stock of any one bank, 
Annual expenses, 



2,241 
5| per cent. 

. $28,793 60 

15,637 50 
1,050 00 



121 



BANK COMMISSIONERS' REPORT. 



[Oct. 



HINGHAM INSTITUTION FOR SAVINGS— HING HAM. 

[July 29, 1862.] 

David Fearing, President. Treasurer, David Harding. 



Deposits, .... 

Profits, .... 

Suspense, .... 

Public Funds, (United States,) 

Bank Stock, 

Real Estate, 

Loans on Bank Stock, 
on Real Estate, 
on Personal Security, 
to County and Towns, 

Expense account, 

Cash on hand, . 



$649,811 71 
2,307 21 
1,546 81 



$39,956 25 

123,720 00 

3,021 03 

22,950 00 

427,593 00 

6,491 00 

25,200 00 

525 00 

4,209 00 



$653,665 76 



$653,665 76 



Number of Depositors, ..... 
Rate of ordinary dividends for the last year, 
Amount of ordinary dividends for the last year, 
Average annual rate of dividends, . 
Last dividend of reserved profits, in January, 1860, 
Extra dividends are made once in . . 

Largest amount invested in the stock of any one bank, 
Average annual expenses, about .... 



2,545 

5 per cent. 
. $30,693 32 
1\ per cent. 
. $31,880 99 
Five years. 
. $11,000 00 
1,200 00 



1862.] 



PUBLIC DOCUMENT— No. 8. 



129 



SOUTH SCITUATE SAVINGS BANK— SOUTH SCITUATE. 

[July 30, 1862.] 

Moses F. Rogers, President. Treasurer, Ebenezer T. Fogg. 





$196,168 78 






657 61 




Bank Stock, 




$38,360 00 


Loans on Bank Stock, .... 




20 12 


on Real Estate, .... 




143,536 42 


on Personal Security, 




10,454 30 


to Towns, ..... 




3,400 00 


Cash on hand, 




1,055 55 




$196,826 39 


$196,826 39 



Number of Depositors, 

Rate of ordinary dividends for the last year, 
Amount of ordinary dividends for the last year, 
Average annual rate of dividends, .... 
Last dividend of reserved profits, in February, 1860, 
Extra dividends are made once in 
Largest amount invested in the stock ©f any one bank, 
Average annual expenses, 



769 
5 per cent. 
. $9,840 22 
6| per cent. 

$8,258 16 
Five years. 
. $4,000 00 
375 00 



17 



130 



BANK COMMISSIONERS' REPORT. 



[Oct. 



SCITUATE SAYINGS BANK— SCITUATE. 

[July 30, 1862.] 

Elijah Jenkins, President. Treasurer, Caleb W. Prouty. 



Deposits, 




$41,979 17 




Profits, .... 




2,628 13 




Public Funds, (United States,) 






$600 00 


Public Funds, (Massachusetts,) 






1,020 00 


Bank Stock, .... 






11,900 00 


Loans on Bank Stock, 






- 


on Real Estate, 






26,605 00 


on Personal Security, 






1,063 35 


to Towns, . 






1,970 26 


Cash on hand, 






1,448 69 






$44,607 30 

i 


$44,607 30 



Number of Depositors, 

Rate of ordinary dividends for the last year, 
Amount of ordinary dividends for the last year, 
Average annual rate of dividends, .... 
Last dividend of reserved profits, in March, 1857, 
Extra dividends are made once in ... . 
Largest amount invested in the stock of any one bank, 
Average annual expenses, ..... 



225 
5 per cent. 

§1,953 30 
6f per cent. 

$984 65 
Five years. 
$5,000 00 
4 72 



1862.] 



PUBLIC DOCUMENT— No. 8. 



131 



COHASSET SAVINGS BANK— C OH AS SET. 

[July 30, 1862.] 

Abraham H. Tower, President. Treasurer, Levi N. Bates. 



Deposits, .... 

Profits, .... 

Public Funds, (United States,) 

Bank Stock, 

Loans on Bank Stock, 
on Real Estate, 
on Personal Security, 
to Cities and Towns, 

Cash on hand, . 



$108,276 02 
512 75 



$108,788 77 



$2,000 00 
30,380 00 

63,175 00 

10,500 00 
2,733 77 



$108,788 77 



Number of Depositors, 

Bate of ordinary dividends for the last year, 

Amount of ordinary dividends for the last year, 

Average annual rate of dividends, . 

Last dividend of reserved profits, January, 1862, 

Extra dividends are made once in 

Largest amount invested in the stock of any one bank 

Average annual expenses, about .... 



472 
5 per cent. 
. $5,090 76 
6 t 4 q 5 q per cent. 
$1,529 00 
Five years. 
. $3,000 00 
350 00 



132 



BANK COMMISSIONERS' REPORT. 



[Oct. 



FRAMINGHAM SAVINGS BANK— FBAM1NGHAM. 

[August 28, 1862.] 

Moses Edgell, President 



Treasurer, C. S. Adams. 



Deposits, 




$232,017 47 




Profits, 




503 32 




Public Funds, (United States,) 






$25,200 00 


Bank Stock, .... 






69,200 00 


Eeal Estate, .... 






1,500 00 


Loans on Bank Stock, 






7,805 00 


on Real Estate, 






98,616 50 


on Personal Security, 




. 


9,500 00 


to Towns, 






13,050 00 


Expense account, 






710 02 


Cash on hand, .... 






6,939 27 




$232,520 79 


$232,520 79 


Number of Depositors, 


1,213 


Bate of ordinary dividends for the last year, 


5 per cent. 


Amount of ordinary dividends for the last year, 


. $10,043 31 


Average annual rate of dividends, ..... 


^tVo P er cent - 


Last dividend of reserved profits, in May, 1861,* 


1 lVo P er cent * 


Extra dividends are made once in 


Five years. 


Largest amount invested in the stock of any one bank, 


. $16,500 00 


Average annual expenses, about 


700 00 


* Amou 


nt not st 


ated. 





1862.] 



PUBLIC DOCUMENT— No. 8. 



133 



RANDOLPH SAYINGS BANK— RANDOLPH. 

[August 29, 1862.] 

A. Wales, President. Treasurer, Seth Turner. 



Deposits, 






$41,289 50 




Profits, .... 






1,863 41 




Public Funds, . 








$4,997 88 


Bank Stock, 








10,495 25 


Loans on Bank Stock, 








- 


on Real Estate, 








6,800 00 


on Personal Security, 








6,200 00 


to County and Towns, 








10,000 00 


Expense account, 








491 82 


Cash on hand, . 








4,167 96 




$43,152 91 


$43,152 91 




384 


Rate of ordinary dividends for the last year, 


5 per cent. 


Amount of ordinary dividends for the last year, 


$1,580 00 


No dividend of reserved profits has yet been made. 




Largest amount invested in the stock of any one bank, 


1,700 00 


Average annual expenses, about 


100 00 



134 



BANK COMMISSIONERS' REPORT. 



[Oct. 



SALEM SAVINGS BANK— SALEM. 

[September 3, 1862.] 



Z. F. Silsbee, President. 



Treasurer, William Wallis. 



Deposits, 


$2,150,188 02 




Profits, 


101,264 67 




Public Funds, 




$453,106 25 


Bank Stock, ...... 




259,161 80 


Loans on Bank Stock, .... 




16,900 00 


on Real Estate, . . 




369,778 07 


on Personal Security, 




390,520 59 


to Counties, Cities and Towns, 




634,075 00 


to Banks, on interest, 




10,000 00 


Cash deposited in Bank, . . 




110,409 35 


Cash on hand, ...... 




7,501 15 




$2,251,452 69 


$2,251,452 69 



Number of Depositors, ...... 

Rate of ordinary dividends for the last year, 
Amount of ordinary dividends for the last year, 
Average annual rate of dividends, .... 

Last dividend of reserved profits, in 1858, 1£ per cent., 
Extra dividends are made once in ... 
Largest amount invested in the stock of any one bank, 
Average annual expenses, ..... 



10,239 
5 per cent. 
. $100,972 04 
6^ per cent. 
. $94,746 10 
Five years. 
. $60,000 00 
4,490 00 



1862.] 



PUBLIC DOCUMENT— No. 8. 



135 



CAPE ANN SAVINGS BANK— GLOUCESTER. 

[September3, 1862.] 

John W. Lowe, President. Treasurer, Alfred Presson. 



Deposits, 




$135,645 92 




Profits, 




348 03 




Public Funds, (United States,) 






12,000 00 


Bank Stock, .... 






74,126 00 


Loans on Bank Stock, 






- 


on Eeal Estate, 






34,240 00 


on Personal Security, 






1,500 00 


to Town, . 






18,500 00 


Expense account, . 






109 00 


Cash on hand, 






5,518 95 






$135,993 95 


$135,993 95 



Number of Depositors, 

Rate of ordinary dividends for the last year, . 

Amount of ordinary dividends for the last year, 

Average annual rate of dividends, ..... 

Last dividend of reserved profits, in April, 1861, 2 per cent., 

Extra dividends are made once in 

Largest amount invested in the stock of any one bank, 
Average annual expenses, about 



924 
5 per cent. 

$5,936 41 
7 per cent. 

$5,834 60 
Five years. 
. $10,480 50 
420 00 



186 



BANK COMMISSIONERS' REPORT. 



[Oct. 



NEW BEDFORD FIVE CENTS SAYINGS BANK— N. BEDFORD. 

[September 10, 1862.] 

George Howland, Jr., President. Treasurer, Barton Ricketson, Jr. 



Deposits, . 






$789,468 00 




Profits, .... 






9,590 54 




Public Funds, . 








$279,827 50 


Bank Stock, 








50,423 74 


Real Estate, 








2,125 00 


Loans on Public Funds, . 








200 00 


on Bank Stock, 








320 00 


on Real Estate, 








301,331 52 


on Personal Security, 








161,324 95 


to Counties and Towns, 








2,100 00 


Cash on hand, . 








1,405 83 








$799,058 54 


$799,058 54 



Number of Depositors, 

Rate of ordinary dividends for the last year, 
Amount of ordinary dividends for the last year, 
No dividend of reserved profits has yet been made. 
Largest amount invested in the stock of any one bank, 
Average annual expenses, ..... 



5,241 
6 per cent. 
. $36,917 91 

. 21,000 00 
1,500 00 



1862.] 



PUBLIC DOCUMENT— No. 8. 



137 



CITIZENS' SAVINGS BANK— FALL RIVER. 

[September 10, 1862.] 

Joseph Osborn, President. 



Treasurer, William H. Brackett. 



Deposits, 






1 $679,201 59 




Profits, .... 






6,010 94 




Public Funds, (United States,) 








$41,680 00 


Bank Stock, 








260,441 50 


Real Estate, 








4,685 05 


Loans on Bank Stock, 






,. • • 


- 


on Real Estate, 








138,281 00 


on Personal Security, 








219,252 32 


on Public Security, 








3,000 00 


Expense account, 








893 63 


Cash on hand, . 








16,979 03 








$685,212 53 


$685,212 53 



Number of Depositors, 

Rate of ordinary dividends for the last year, 

Amount of ordinary dividends for the last year, 

No extra dividends are made. 

Largest amount invested in the stock of any one bank, 

Average annual expenses, about .... 



1,455 
5^ per cent. 

. $38,473 42 

84,600 00 
1,500 00 



18 



138 



BANK COMMISSIONERS' REPORT. 



[Oct. 



CHELEA SAVINGS BANK— CHELSEA. 

[September 23, 1862.] 

John H. Osgood, President. Treasurer, Samuel Bassett. 



Deposits, .... 






$115,283 32 




Profits, .... 






4,615 74 




Public Funds, . 








89,812 50 


Bank Stock, 








22,504 60 


Loans on Bank Stock, 








- 


on Real Estate, 








62,010 00 


on Personal Security, 








1,500 00 


to City of Chelsea, . 


■. 






20,000 00 


Expense account, 








416 22 


Cash on hand, . . . 








3,655 74 








$119,899 06 


$119,899 06 



Number of Depositors, 1,280 

Rate of ordinary dividends for the last year, ... 5 per cent. 
Amount of ordinary dividends for the last year, . . . $4,331 91 
Average annual rate of dividends, ..... 8 per cent. 
Last dividend of reserved profits, 3 per cent., August, 1859, . $1,849 77 
Largest amount invested in the stock of any one bank, . . 3,115 75 

Average annual expenses, about 425 00 



1862.] 



PUBLIC DOCUMENT— No. 8. 



139 



CHARLESTOWN FIVE CENTS SAVINGS BANK— CHARLES- 
TOWN. 

[September 24, 1862.] 

Phineas J. Stone, President. Treasurer, Amos Stone. 



Deposits, ....... 


$190,820 59 




Profits, 


85 61 




Public Funds, (United States,) . 




$5,000 00 


Bank Stock, 




32,094 50 


Loans on Bank Stock, .... 




- 


on Real Estate, .... 




118,900 00 


on Personal Security, 




16,100 00 


Cash on hand, ...... 




18,811 70 




$190,906 20 


$190,906 20 



Number of Depositors, ...... 

Rate of ordinary dividends for the last year, 
Amount of ordinary dividends for the last year, 
Last dividend of reserved profits, April, 1862, . 
Amount of reserved profits, ..... 

Average annual rate of dividends, .... 

Extra dividends are made once in 

Largest amount invested in the stock of any one bank, 

Average annual expenses, ..... 



1,976 
5 per cent. 

$6,516 29 
2 per cent. 

$4,327 88 
7 per cent. 
Three years. 
$8,300 00 
138 00 



140 



BANK COMMISSIONERS' REPORT 



[Oct. 



BRIGHTON FIVE CENTS SAVINGS BANK*— BRIGHTON. 

[September 25, 1862.] 

John Ruggles, President. Treasurer, C. C. Hutchinson. 



Deposits, 


$5,606 41 




Profits, 


96 75 




Bank Stock, 




$1,240 75 


Loans on Bank Stock, .... 




- 


on Real Estate, .... 




2,025 00 


on Personal Security, . . 




- 


to County or Town, 




1,000 00 


Expense account, 




8 98 


Cash on hand, 




1,428 43 




$5,703 16 


$5,703 16 




135 


Rate of ordinary dividends for the last year, 


5 per cent. 


Amount of ordinary dividends for the last year, 


$54 86 


Dividends of reserved profits are to be made once in 


Three years. 


Largest amount invested in the stock of any one bank, 


$380 00 




$8 or $10. 



* This institution, incorporated in 1861, had been in operation about one year at the time of 
examination. 



1862.] 



PUBLIC DOCUMENT— No. 8. 



141 



STONEHAM FIVE CENTS SAVINGS BANK— STONEHAM. 

[September 29, 1862.] 

Luther Hill, President. Treasurer, Ira Gerry. 



Deposits, 




$10,965 47 




Profits, 




1,083 66 




Public Funds, (United States,) 






$600 00 


Bank Stock, .... 






- 


Loans on Bank Stock, 






- 


on Real Estate, 






5,350 00 


on Personal Security, 






1,200 00 


to Counties or Towns, 






4,187 50 


Expense account, . 






395 17 


Cash on hand, . . . 






316 46 






$12,049 13 


$12,049 13 



Number of Depositors, 

Rate of ordinary dividends for the last year, . 
Amount of ordinary dividends for the last year, 
No extra dividends have been made. 
Annual expenses, about ..... 



250 
5 per cent. 

$316 78 



60 00 



142 



BANK COMMISSIONERS' REPORT. 



[Oct. 



LYNN FIVE CENTS SAVINGS BANK— LYNN. 

[September 30, 1862.] 

Thomas B. Newhall, President. Treasurer, B. V. French. 



Deposits, ....... 


$76,648 44 




Profits, 


689 06 




Public Funds, (United States,) . 




$10,212 53 


Public Funds, (Maine,) .... 




1,545 00 


Bank Stock, ...... 




12,576 00 


Loans on Bank Stock, .... 




- 


on Real Estate, .... 




31,160 00 


on Personal Security, 




2,575 00 


to Towns, ..... 




14,000 00 


Cash in bank, on interest, .... 




1,268 97 


Deposited with U. S. Assistant Treasurer, 
Boston, ten days' call, .... 




4,000 00 




$77,337 50 


$77,337 50 



Number of Depositors, ........ 1,232 

Rate of ordinary dividends for the last year, ... 5 per cent. 
Amount of ordinary dividends for the last year, . . . $1,685 19 
Rate of last dividend of reserved profits, in January, 1861, If per cent. 
Amount of last dividend of reserved profits, .... $593 80 

Average annual rate of dividends, ..... 6| per cent. 

Extra dividends are made once in .... . Five years. 

Largest amount invested in the stock of any one bank, . . $3,800 00 
Average annual expenses, about 225 00 



1862.] 



PUBLIC DOCUMENT— No. 8. 



143 



THE PAWNERS' BANK. 

In accordance with the Act incorporating the Pawners' 
Bank, in Boston, the Commissioners have received the follow- 
ing " State of the Pawners' Bank on the fourth Saturday of 
October, 1862, at 7 o'clock, P. M." 



DUE FROM THE BANK. 

Capital stock called in, . 

Unclaimed dividends, .... 

Reserve account, ..... 

Net profits, (estimated,) 

Proceeds of auction sale, not yet adjusted, 

Estimated expenses due, but not paid, 

Total amount due from the bank, . 



$100,700 00 

714 42 

933 93 

2,293 20 

5,917 87 

372 77 

$110,932 19 



RESOURCES OF THE BANK. 

Amount of outstanding loans on pledge of goods and 
chattels, ........ 

Interest accrued on loans and not paid in, (estimated,) 

Amount of deposits bearing interest, 

Amount of money on hand in the bank, . 

Vault, safes, furniture, fixtures, &c, 

Debt secured by pledge of stock, .... 

Total amount of the resources of the bank, 



$68,031 


16 


5,354 


54 


29,205 


98 


2,216 


72 


5,323 


79 


800 


00 


$110,932 


19 



(Signed,) 



E. B. Foster, Cashier. 



This statement was sworn to by the cashier, and verified 
likewise by the certificate, under oath, of Joseph S. Ropes, 
John Bigelow, Daniel J. Coburn and N. C. Poor, a majority of 
the directors of the Pawners' Bank. 



144 BANK COMMISSIONERS' REPORT. [Oct. 

The following statistics concerning the bank were received 
with the statement : — 



Whole number of loans, 



18,413 



Total amount of loans to date, ..... $494,947 73 
Total amount paid in on loans for the same time, . . 426,916 57 
Amount of interest earned on loans since last report, . 13,991 35 
Amount of interest on loans paid in since last report, . 1 6,020 00 
Interest earned on loans but not paid in, ... 5,354 54 

Dividends declared for 1861, . . . . . 6 per cent. 
Estimated number of articles loaned on, . . . 267,045. 

64 out of every 100 of the loans made are $10 and under. 

On 37 of every 100 of the loans the interest is less than 21 cents. 

On 27 of every 100 of the loans the interest is less than 11 cents. 

On 15 of every 100 of the loans the interest is less than 6 cents. 

On 4 of every 100 of the loans the interest is only 1 cent. 

The average length of credit actually taken by pledgers is three 
months and sixteen days. 

Six months' credit is usually given, and loans can be renewed on 
payment of the interest due. 

Goods outside of the vault and safes are insured. 

The average amount of interest received on each loan, is one dollar 
eighty-eight cents five mills. 

Loans are made on pledge of goods and chattels only. 

The bank has no loans considered doubtful. 

No bills are issued by the bank, and no deposit accounts are kept. 

The average amount loaned to each person is $21.92. 



1862.] PUBLIC DOCUMENT— No. 8. 145 



In the Report of this Board for 1861, we adverted to some 
changes which had been wrought by the war, in the business 
of banking, and it becomes necessary, at this time, to explain 
more at length, the circumstances which have produced those 
changes, and to show the effect of the war on the business of 
the Commonwealth, especially as it has influenced the condition 
and operations of the banks. 

At the breaking out of the rebellion, it was feared that the 
business of the country would be entirely prostrated, and the 
banks, which make their gains out of the activity of trade, 
expected to be the greatest sufferers. Neither of these fears have 
been justified by the event. Seldom, if ever, has the business 
of Massachusetts been more active, or profitable, than during 
the past year. The war has brought into activity many 
mechanical employments for which there is little occasion in 
time of peace ; such, for example, as the manufacture of arms 
and ordnance, camp and garrison equipage, saddlery and 
artillery harness, and military clothing and accoutrements. It 
has, also, greatly stimulated the manufacture of boots and 
shoes, and of woollen goods ; while the subsistence of the 
army has furnished a constant and remunerative market for 
breadstuffs and provisions. There is hardly a branch of 
domestic industry which has not been actively employed. The 
cotton manufacture alone has been interrupted by the loss 
of the raw material, and has given less occupation to labor 
than usual ; but there was never a time since this branch of 
industry established itself in New England, when the profits 
realized from it have been so considerable. Dividends have 
been made exceeding any former precedent, and reserves 
carried to the surplus funds of corporations, to insure and 
equalize dividends hereafter. Advantage has been taken of the 
stoppage of mills, to put machinery and buildings in thorough 
repair, so that whenever the supply of cotton is once more 
abundant, the manufacturers of Massachusetts will be better 
prepared than ever before to reap all the advantages incident 
to the occasion. Nor has the condition of the operatives, 
deprived of their usual employment, been materially impaired. 

19 



146 BANK COMMISSIONERS' REPORT. [Oct. 

So great has been the draft upon the male population to fill the 
army, that there has been an unusual demand for men's labor in 
other directions : while female operatives have found occupation 
in the manufactories of clothing, in the attendance of shops, 
and in domestic service. 

The railroads of the Commonwealth were never more profit- 
ably employed, and they have made larger dividends, and their 
stocks have borne a higher price, than at any former period. 
The vast grain crops of the TTest have sought a market on the 
seaboard, or in foreign countries, and having been deprived of 
their usual water carriage by the closing of the Mississippi, 
have poured through the canals, and over the railroads leading 
to Xew York and Boston. The carriage of troops and army 
supplies has, also, furnished a considerable business, even to 
the Xew England roads, while those of the middle and border 
States, leading towards the seat of war, have been completely 
occupied with the new traffic. 

The loss of the cotton crop, and the closing of the seaports 
and great rivers of the South seemed likely to destroy the 
occupation of our mercantile marine ; but here, again, new 
channels of business have arisen, and anxieties have been 
dispelled. The necessity of transporting great bodies of troops 
from point to point along our seaboard, and of furnishing them 
subsistence, has called into the service of the Government, a 
vast fleet of transports, for the hire of which the owners have 
received rates of compensation greatly exceeding the ordinary 
profits of commerce. Every steam vessel, capable of navi- 
gating either the ocean, or harbors and rivers, has been thus 
employed, and many more, previously regarded as worn out, 
and no longer seaworthy, having been flimsily repaired, and 
made to pass through a hasty or corrupt inspection, have gone 
out, laden with valuable property, or invaluable lives, to be 
wrecked or rescued, as the chances of weather, or as skilful 
seamanship might determine. The shipyards, both public and 
private, have been worked to their utmost capacity, in the 
construction of iron-clad gunboats, and other vessels of war ; 
while machine shops, rolling mills, and foundries, have been 
equally busy in building their engines, rolling their armor 
plates, and casting their guns. Nor has foreign commerce 



1862.] PUBLIC DOCUMENT— No. 8. 147 

greatly declined, the grain trade, and the import of muni- 
tions and arms having come in to supplement the loss occa- 
sioned by the detention of cotton. The increase in the export 
of breadstuffs since 1860 is very remarkable, and has a very 
material bearing on the future destiny of the Northern States. 
The statistics of this trade with Great Britain alone are stated 
as follows. The quantity of various grains imported into 
Great Britain from all quarters in 1860, was one hundred 
sixteen million bushels, of which the United States furnished 
twenty million eight hundred thousand. In 1861, the quantity 
imported was one hundred and twenty-eight million bushels, 
of which the United States furnished forty-three million two 
hundred thousand, thus in a single year, more than doubling 
the export, and that, too, at a time when agricultural industry 
was interrupted by the first notes of war. and by the hurry of 
unwonted preparations. In the first eight months of 1862, 
while the import into Great Britain has been almost identical 
with that of the same period last year, the portion contributed 
by the United States has increased nearly ten per cent. 

In our Report for 1860, we spoke of the dep: - - state of the 
shoe trade, the most important of all the industrial interests : : 
Massachusetts. The extent of this production, and its rapid 
development, are but imperfectly realized by the people of : : 
Commonwealth. In 1860, the value of boots and shoes manu- 
factured in Massachusetts, was 646.440 ,( ), eing an increase 
of 92 per cent, over the product of 18-50. The value of cotton 
goods produced in the same year, was $36,746, '■. and the 
increase over 1850. 69 per cent. More than half the annual 
production of boots and shoes in the United States is due to Mas- 
sachusetts. But great as that production is. its pecuniary value 
does not most strikingly demonstrate the importance of this in- 
dustry to the State. That manufacture is the best for a people 
which involves the largest contribution of labor and the smalls: 
cost of capital in its result. Viewed in this aspect, the shoe 
trade excels all the other staple industries of New England. 
The capital invested in it in Massachusetts in 1860, was 611.- 
170,000, and the number of hands employe 1 59,! [ v . :: whom 
more than two-thirds were males : while in the cotton manufac- 
ture, in the same year, the capital invested was $83,300,000, 



148 BANK COMMISSIONERS' REPORT. [Oct. 

and the number of hands employed 34,988, of whom nearly 
two-thirds were females. We have already shown that the 
value of the product in the shoe trade exceeded the product of 
the cotton manufacture, by nearly ten millions of dollars. 

Owing to the improvements in machinery, which reduced 
the cost of manufacture, the shoe business was greatly stimu- 
lated prior to 1860, and the market overstocked. Many man- 
ufacturers were made bankrupt, and banks which held their 
paper, sustained heavy losses. The Southern States have here- 
tofore furnished a very large market for boots and shoes, and 
old and wealthy houses of New England origin, and often with 
Northern affiliations, had become established in the chief cities 
of the slave States. The war compelled these houses to suspend 
business, and, in many instances, to stop payment, and thus, not 
only was a large market for our productions taken away, but 
new and heavy losses were entailed on Northern creditors. 
During the year 1861, therefore, the shoe trade stagnated, and 
large numbers of workmen enlisted in the military service. 
The reduction of stocks, and diminution of production soon 
restored the trade to its former activity. The wants of the 
army have come in to make good the loss of the Southern 
market, and the Government has been a liberal, and sure, if not 
a ready paymaster. Labor has been in great demand, wages 
have risen, and the trade is again in a high state of prosperity. 

We are glad, also, to record a revival of the paper manufac- 
ture, a branch of business which has languished for several 
years, and by which some localities have severely suffered. 

We have thus glanced at the principal sources of production 
in the Commonwealth ; and the condition of each of them has 
been found to be satisfactory. Wealth has flowed into the 
State in no stinted measure, despite of war and heavy taxes. 
Either in the military service of their country, or in more 
peaceful pursuits, the laboring classes have found full employ- 
ment. To satisfy ourselves still further on this point, inquiries 
have been presented to the managers of the leading savings 
banks, not only of this but of the other New England States, 
and their replies establish the important facts, that all those insti- 
tutions have made considerable gains during the current year, 
not only from accumulated interest, but also from new depos- 



1862.] PUBLIC DOCUMENT— No. 8. 149 

its; that the laboring classes have had full employment at more 
than average wages, and that in no single locality, not even in 
the great manufacturing towns, have deposits been withdrawn 
for support, to an unusual degree. The gain in deposits does 
not fully represent the volume of money seeking such deposito- 
ries, for in all the larger institutions there has been a reluctance 
to accept of large sums of money, the profitable investment of 
which has proved so difficult ; and great numbers of such 
deposits have been refused. 

We have thought this detailed review of the industrial con- 
dition of Massachusetts, and of the States of which Boston is the 
commercial centre, not irrelevant to the immediate subject of 
this report. The banks of the Commonwealth draw their living 
from its industry, and the nature of their business, during the 
past year, cannot better be explained than by showing how that 
industry has been employed. In every department of labor, 
the Government has been directly, or indirectly, the chief 
employer and paymaster. Though its payments have often 
been greatly delayed, to the serious embarrassment of contrac- 
tors, yet the mode of conducting its business has so far reduced 
the practice of mercantile credit, that very little private business 
paper has been made. Yast contracts have been undertaken 
and executed with the use of no other credit than such as is 
based on government vouchers, and certificates of indebtedness. 
In the absence of business paper, the banks have been obliged 
to invest a large proportion of their capital in the obligations of 
the Government, under one form or another, and such private 
paper as has been obtained, has been discounted at rates unu- 
sually low. The portion of the bank loan which is on call, or 
on demand, was never so great, and much of this has been 
loaned at four per cent, and in large sums, upon government 
securities or other collaterals. With a view to ascertaining the 
amount invested in national securities, the Commissioners have 
procured a special return from the banks and savings institu- 
tions, showing the sums so held by them on the 30th day of 
September last. The amounts held as collateral security, as 
well as the sums deposited with the assistant-treasurers of the 
United States, on interest, are also stated in the return. The 
following table presents a synopsis of these returns : — 



150 



BANK COMMISSIONERS' REPORT. 



[Oct. 



United States Securities held by the Banks and Savings Institutions of 
Massachusetts, September 30, 1862. 





Banks. 


Sayings Institutions. 


SECUKITIES. 












Owned. 


Collateral. 


Owned. 


Collateral. 


7 T 3 ^ Treasury Notes, . 


$11,597,438 


$1,131,600 


$1,504,750 


$12,800 


6 per cent. Bonds, 1881, 


8,017,187 


155,000 


1,586,400 


7,500 


6 per cent. 5-20 Bonds, 


4,031,550 


20,000 


1,014,900 


- 


5 per cent. Bonds, 


308,000 


50,500 


596,000 


- 


6 per cent. Treasury Notes, . 


877,320 


430,665 


- 


- 


One year Certificates, . 


7,268,970 


702,202 


421,987 


76,000 


Miscellaneous, 


— 


— 


332,550 


- 


Deposits with Assist. Treas'r, 


7,618,950 


- 


615,000 


- 




$39,719,415 


$2,489,967 


$6,071,587 


$96,300 


Held by Boston Banks, 


130,167,570 


$2,042,517 






Held by Banks out of Boston, 


9,551,845 


447,450 






Held by Savings Institutions, 


6,071,587 


96,300 








$45,791,002 


$2,586,267 




Total owned, 


$45,791,002 








Total held as collateral, 


2,586,267 








Total owned and as collateral, 


$48,377,269 





Thus it will be seen, that the banks of discount own govern- 
ment securities to an amount little short of forty millions of 
dollars, or about three-fifths of their capital. Though the 
greatest portion of this sum is held by the Boston banks, there 
are several institutions in the interior of the State which hold 
large amounts, and were among the earliest to avow their confi- 
dence in the Government by investing in the national obligations. 

Tables will be found in the Appendix, showing the average 
condition of the Boston banks for each week, and of the country 
banks for each month, during the year, with a third table made 
up from the others, showing the average monthly condition of 
all the banks of the Commonwealth during the same period. 
These tables differ from those contained in the Report of last 
year, only in the substitution of the weekly statements of the 
Boston banks, as they are actually returned to the Secretary of 
the Commonwealth, for the aggregation of those statements into 
monthly averages. It is somewhat remarkable that, though 
these returns have been for several years required to be made, 
the law does not require them to be republished in a permanent 



1862.] PUBLIC DOCUMENT— No. 8. 151 

form, either by the Secretary of the Commonwealth, or by the 
Bank Commissioners. The utility of such republication is 
obvious. 

Comparing the annual averages, derived from the third table, 
with those of last year, it will be seen that there has been a 
considerable gain in each item of the statement. In capital the 
increase has been 1417,624 ; in loans, $2,509,498 ; in specie, 
12,810,929; in deposits, $7,260,838 ; in circulation, $633,498 ; 
and, in the proportion of specie to immediate liabilities, 2.9 per 
cent. Surprise will, no doubt, be felt that there has been no 
greater increase in the average circulation, as it is well under- 
stood that the total circulation of the banks has been rapidly 
increasing, and for some months past, and is increasing still.* 
The average circulation for September was $26,845,759, but the 
average for October, November and December, 1861, was less 
than $20,000,000, and did not, in fact, exceed the circulation 
of 1850, ($19,700,000,) though, at that time, the banking 
capital of the Commonwealth was only $38,265,000. The causes 
of this rapid increase of circulation, at a time when the loan 
of the banks is so largely absorbed by Government, and when 
the currency has been swollen by the addition of $200,000,- 
000 of United States notes, are the subject of much discus- 
sion. The reasons popularly assigned are the scarcity of silver 
change, for which small bills are substituted, the withdrawal 
also of the gold coins, the large sums carried by soldiers to the 
seat of war, and other sums left to be expended by their fami- 
lies, the prevailing habit of buying and selling for cash, which 
requires more currency than the usual credit dealings, and 
the large amount of eastern bills sent to the West by New 
York banks, to fill the gap created by the winding up of local 
institutions. Each of these causes has, doubtless, contributed 
something towards the general result ; but there is another 
agency to be found in the inconvertibility of paper money, the 
influence of which upon the circulation cannot be overlooked, 
though the force of it can never be accurately measured. So 
long as bank notes are redeemed in gold upon demand, accord- 
ing to the tenor of the promise which they bear upon their face, 
the homeward current of the circulation will always be rapid. 

* The average circulation for November was $29,449,688. 



152 BANK COMMISSIONERS' REPORT. [Oct. 

Besides the demand which there always is for gold for foreign 
payments, for distant remittances, and for meeting customs 
duties, there is a perpetual competition going on between the 
banks, each striving to enlarge its own circulation, and to drive 
home that of its rivals. The law of Massachusetts, which pro- 
hibits a bank from paying out any bills except its own, helps on 
the competition ; for, the moment a bill is deposited in any bank 
other than that by which it was issued, it cannot be again used 
as currency, till it has travelled home, by way of State Street, 
and had its convertibility put to the test of actual redemption. 
When, however, specie payments are suspended, and bills are no 
longer redeemable in gold, a great motive for sending them 
home is withdrawn, since, if in good credit, they are as valuable 
as any thing which can be got in exchange for them. Men hold 
them and hoard them, therefore, precisely as they would do with 
specie, and the volume of the currency becomes greater, pre- 
cisely as its current grows more sluggish. The tendency of this 
stagnant money to depreciate from excess, to enhance prices, to 
stimulate importations, and to drive gold out of the country, 
is too well established by experience in this and other countries 
to be seriously questioned.* Such a depreciation is now attested 
by the high price of gold, and of all merchandise bought with 
paper, and it is a calamity calculated to excite the greatest 
solicitude of our people. 

The deposits have been large during the whole year, and in 
September, attained the high figure of $38,771,000. In the 
latter months of 1861, they were increased by some millions of 
undrawn credits of the United States, growing out of the 
$150,000,000 loans; and, as these credits were withdrawn, their 
place was filled by private deposits, caused by the abundance of 
money waiting investment. The stoppage of the cotton manu- 
factories has, without doubt, helped to swell the deposits of 

* " So long as paper money is redeemed in specie, the value of it depends on 
the demand by which the currency should be regulated. When, however, 
specie payments are suspended, a rise in prices takes place, followed by 
increased importations, since there is an advantage in selling in such a country. 
To restore the equilibrium in prices, circulation and capital, gold is exported. 
But if the circulation consists, in great part, of paper, all metallic values dis- 
appear. Foreign exchange also rises. Gold and silver constitute, in short, 
the only reliable basis of circulation." — Juglar's "Des Crises Commercialese Sfc," 
Paris, 18G2. 



1862.] PUBLIC DOCUMENT— No. 8. 153 

Boston banks, since very large sums, usually invested in the 
raw material, are now thrown out of use, but are notwithstand- 
ing kept on hand, either for early distribution in dividends, or 
to meet any new opening of the business. 

The specie average has been more than two millions greater 
than that of 1861, and, for the first time since 1858, has ex- 
ceeded the 15 per cent, required by the law of that year. This 
is, without doubt, owing to the suspension of specie payments 
by the banks of this State, which took place on the 30th day of 
December last. This measure was adopted by them in concur- 
rence with the banks of the other loyal States, and by the Gen- 
eral Government, except in paying interest on its debt. It was 
a measure greatly to be deplored, and only to be excused or 
justified by the critical and unnatural state of public affairs. 
The necessity of periodically repudiating a solemn obligation 
whenever a pinch occurs, is one of the weaknesses of our 
national system of banking, and it will continue to exist until 
sounder views prevail, as to the metallic strength which is re- 
quired in order to give stability to a mixed currency. In the 
the present instance, however, the exigency was of a public 
nature, and the banks may well shelter themselves behind the 
example of the government, whose foreshadowed necessities 
seem to have dictated the earlier adoption by them of a measure, 
which, if first adopted by the Government, would have caused a 
severer shock to public credit. 

Notwithstanding the suspension, the banks of Boston con- 
tinued to pay their balances at the Clearing House in gold, until 
the 7th day of May last, since which they have used the legal 
tender notes of the United States, and city bank bills ; and the 
gold which had previously been deposited in the Merchants' 
Bank has been removed to their own vaults. 

The Commissioners were fearful that the total disuse of gold 
as currency, and its increasing price, would lead to the sale of 
it by the banks ; but, by a constant watchfulness on their part, 
aided by the conservative judgment and counsels of leading bank 
officers, they believe that such sales have been rarely made. As 
the temptation, however, still exists, it may be proper to say, 
that the Commissioners regard the sale of gold by the banks as 
altogether illegal, so long as they refuse to pay specie on their 

20 



154 BANK COMMISSIONERS' REPORT. [Oct. 

obligations.* The inconvertibility of bank bills has made them 
of less value to the holders of them than they purport to be, 
and it would be a gross violation of justice if the banks were 
allowed to take advantage of their own wrong, and sell the gold 
which is due to their creditors, at a premium the very existence 
of which is largely owing to their own repudiation. 

The specie law is, also, still in force, and it requires now, no 
less than heretofore, the maintenance of an habitual reserve of 
fifteen per cent, upon the circulation and deposits of the city 
banks. If it has, at times, occurred, within the last few months, 
that the great increase of deposits has brought an institution 
unexpectedly below the line, while specie could only be bought 
at a heavy premium, it is the obvious duty of its officers to 
hold all the gold they receive, whether for interest upon public 
securities, or otherwise, that the percentage may be restored. 

The foregoing reference to the specie law, leads to the recital 
of certain proceedings instituted by the Commissioners, in 
March last, against the Bank of Mutual Redemption, involving 
the construction of that statute, as well as of other sections 
of the banking law. 

In the examination of one of the Boston banks, it was ascer- 
tained, that the Bank of Mutual Redemption was in the habit 
of borrowing specie from day to day, to meet its current obliga- 
tions. During the successive days occupied by the examination, 
such loans were made, amounting in the aggregate to more 
than one hundred thousand dollars. The practice of borrowing 
specie, whether to make good the daily balances at the Clearing 
House, or to maintain the reserve required by law, has always 
been regarded by the Commissioners as highly objectionable, 
and they have never' failed to enter their protest against it. 
The Reports for 1860 and 1861 bear ample testimony to the 
truth of this statement. They have always considered that the 
purpose of the law as to specie reserves was defeated by borrow- 
ing, — that purpose being to require a bank to have within 
itself, and of its own property, certain metallic resources as a 
safeguard to its bill-holders and depositors, they having a right 
to demand specie at any moment upon the obligations which 

* Since the passage of the law of the United States making government 
notes a legal tender, the obligation to pay in specie may be denied, and if that 
law is constitutional, the obligation no longer exists. 



1862.] PUBLIC DOCUMENT— No. 8. 155 

they hold. To pretend to have such reserves, by borrowing 
long enough to make out the statement required by law, and 
to swear to it, is the merest sham ; but it may serve to deceive 
the creditors of the bank, the State officials, and the public, who 
cannot know the daily borrowings and lendings between bank 
officers. Of the general impolicy of this practice, when fre- 
quently resorted to, there is no difference of opinion among 
prudent bank officers ; but the right to borrow occasionally, to 
meet an unexpected emergency, has been advocated or defended 
by nearly all. The Commissioners, however, 'had regarded all 
direct borrowing between banks as contrary to the provisions of 
the sixty-third section of the bank act, and in this view they 
were sustained by the opinion of Mr. Phillips, the late Attorney- 
General, whose communication to the Board, on that subject, 
will be found in the Appendix to the Report for 1859. The 
borrowing of specie to meet the daily balances at the Clearing 
House is regarded as especially objectionable. It is looked 
upon as a sure indication of an unduly expanded loan ; for in a 
well-regulated institution, the transactions with other banks 
will so adjust themselves that the debt and credit balances in 
the long run equal each other. Let us quote, in this connection, 
the words of Mr. Lyman, the superintendent of the New 
York Clearing House, in a paper describing the working 
of that institution* : " A positive principle or rule of financial 
government has been demonstrated by the action of the 
Clearing House on the city banks — that is, the restriction 
of loans by the necessity of 7naintaining a certain average of 
coin from resources within the bank. Borrowing from day to day 
will no longer do. It cannot be concealed. The records will 
show conclusively whether the average is kept up by a heal- 
thy business, or by a forcing process." 

During the last winter, the Commissioners were made aware 
that the Bank of Mutual Redemption had been almost constant- 
ly a debtor at the Clearing House for more than a year previous, 
and they knew that during the same period its loan had largely 
expanded. So long as it violated no law of the Commonwealth, 
its transactions with its associates were not subject to the inter- 
ference or control of this Board, as the Clearing House is a 

* "The Banks of New York, their Dealers, the Clearing House, and the 
Panic of 1857," p. 321. 



156 BANK COMMISSIONERS' REPORT. [Oct. 

purely private association, not subject to their supervision ; but 
if the method of conducting its business was at variance with 
the principles of sound banking, and especially if it led to the 
infringement of any of the banking laws, it was, obviously, the 
duty of the Commissioners to interfere. The loan of specie 
first met with in the examination of the bank in question, did 
violate an important provision of law, namely, the sixty-seventh 
section of the statute, which forbids a bank, under heavy penal- 
ties, to " loan or issue any of its notes or bills, with an agree- 
ment or understanding that such notes or bills shall not be put 
into immediate, unrestricted circulation, or that they shall not be 
returned to the bank within a limited time" This loan was for 
$40,000, upon security of a package of bills (bearing the marks 
of having been often used before for the same purpose), which 
were to be withheld from circulation for one day at least, and, 
while so withheld, interest was to be paid upon the loan. 

About the same time, the Commissioners found, in another 
bank, evidence of loans to the Mutual Redemption Bank, of 
New York funds (then superabundant in Boston and at a dis- 
count,) also upon a pledge of its bills, which were to be with- 
held from circulation three days. This transaction not only 
violated the statute above mentioned, but appeared to be other- 
wise illegitimate. From the nature of its business, the Mutual 
Redemption Bank should naturally receive large amounts of 
New York funds from its country correspondents, and would 
therefore seek to part with, rather than to buy them. It is a 
well known fact, also, that, at this very period, it was refusing 
to receive New York funds at par from its correspondents in 
the western part of the Commonwealth, and in Connecticut ; a 
refusal which led to the withdrawal of their accounts by some 
of them, and to the great embarrassment of all. The only 
inference which the Commissioners could draw from its bor- 
rowing these funds, was that the bank was discounting largely 
for exchange, and charging a premium for funds which it pur- 
chased at a discount, thereby violating the usury laws. Another 
irregularity in all these loans, was that they were payable at a 
time certain, which was clearly contrary to the sixty-third 
section. 

An interview was had with the president of the Mutual 
Redemption Bank, in which some of the graver matters 



1862.] PUBLIC DOCUMENT— No. 8. 157 

objected to were discussed, and the continuance of the obnox- 
ious practices forbidden. That officer, however, refused to 
conform his practice, on these points, to the views of the Com- 
missioners, and stated that he should continue to do as he had 
done theretofore, unless restrained by injunction of the Supreme 
Court. In justice to their official position, and to the strength 
of their convictions as to the meaning of important provisions 
of law, the Commissioners could do no otherwise than lay 
the facts before the Attorney-General, and finding their views 
sustained by his judgment, invoke the aid of the Supreme 
Court both to interpret and vindicate the laws. 

In reviewing the whole course of the institution, they were 
led to attribute the practices objected to, to a desire of its 
managers to carry a very high loan, and to use its own resources 
down to a very narrow and unsafe margin, relying on its neigh- 
bors in the street, for help to meet its daily and ordinary obliga- 
tions. The views of its leading officer as to the functions of specie 
in a banking business, had frequently been declared by him to the 
Commissioners, and seemed to them erroneous and unsound, 
and the practical construction which he put upon the specie 
law wholly untenable. Entertaining these views, and desiring 
for the good of the institution itself, and the general welfare of 
the banking system, to have as few issues before the Court as 
possible, the information against the Bank of Mutual Redemp- 
tion was made to embrace all the points on which it was 
believed that it had violated the law ; the violations being all 
induced by the same general course of policy, namely, to run 
the bank under a very high pressure, a course which its 
president denominated " making it an active bank." 

The specie reserve law was one of the most important statutes 
which the Commissioners believed to be violated, in its spirit 
and intention, if not in its letter, and such a violation was 
accordingly alleged. The evidence did not disclose a large 
number of infractions of this law, but as these were shown to 
be intentional, and not accidental, they served as well as if they 
had been more numerous, to call out the opinion of the Court 
as to the true construction of its provisions. From the nature 
of its business, the Bank of Mutual Redemption is not required 
by law to keep a large amount of specie, since it has a very 
small circulation, and few private depositors ; but, with its heavy 



158 BANK COMMISSIONERS' REPORT. [Oct. 

obligations to other banks, and its unprecedented loan, it was 
important that all the specie required to be kept by law, 
should be its own, and should be sacredly kept. The construc- 
tion of the specie law upon which the bank professed to act, 
was that only a weekly average of specie was required, and not 
an habitual, daily holding-. Although the statute nakedly 
declares that " every bank shall keep an amount of specie equal 
to fifteen per cent, upon its liability for circulation and 
deposits," it was contended that this requirement is qualified 
by the words which follow, namely: " and when by the returns 
required by sections ninety-three and ninety-four, it appears 
that the weekly or monthly average of specie required thereby 
to be returned, is less than that amount, such bank shall make 
no new loans until its specie is restored to such amount" The 
Commissioners, on the other hand, contended, that the only 
construction which could carry into effect the purpose of the 
law declared in its original title, namely, " to increase the 
amount of specie in the Commonwealth," was one which 
required the bank to maintain an habitual, daily reserve of 
fifteen per cent., a construction which does not conflict with the 
subsequent words, they having reference only to the mode by 
which the bank directors and the public are to know whether 
the law has been complied with. The returns of a week's 
or month's business cannot show any thing more than an 
average, and those returns were not required as a part of the 
specie law, but were already made under a law of some years' 
standing. 

The opinion of the Court, as pronounced by the Chief 
Justice, fully sustains the views entertained by the Commis- 
sioners upon this law, as well as upon the meaning of the 
sixty-seventh section. With respect to the power of the bank 
to borrow money, the Court admit that it does exist, contrary 
to the opinion of the Attorney-General before cited, and they 
refer to the twenty-fifth section, which provides that " the debts 
of a bank shall not at any time exceed twice the amount of its 
capital actually paid in," as implying the right to become 
indebted in this manner ; they, however, decide that such debts 
cannot be on a time limited, under the sixty-third section. 

As to its main allegations, therefore, that the specie law had 
been violated, that money had been borrowed on time, and 



1862.] PUBLIC DOCUMENT— No. 8. 159 

bills issued to be kept out of circulation contrary to law, — the 
complaint against the bank was fully sustained by the Court ; 
while upon the general power to borrow money, their decision 
was against the views of the Commissioners. A full report of 
this case has been furnished by the reporter of the Common- 
wealth, and will be found in the Appendix. The circular here- 
tofore sent to the banks, containing the opinion of the Court, 
by a mistake, did not contain the arguments of counsel, which 
are essential to a full understanding of the questions at issue. 

Another instance of grave and continued violation of law 
was discovered in the examination of the Bank of Cape Cod at 
Harwich, in July last. It was found to be the practice of this 
institution, to charge exchange on the discount of notes payable 
at its own counter. The practice had prevailed for a consider- 
able time, and at the date of the examination covered about 
one-third of the notes then under discount. The usual exchange 
charged was one-half of one per cent., but in one instance one 
per cent, had been exacted. It was claimed by the officers of 
the bank, that exchange was only charged upon the renewal of 
notes, as a sort of penalty for having to continue the loan. The 
legality of the practice had been a subject of frequent discussion 
among the directors and officers of the bank, and as a portion 
of them were convinced of its impropriety, it had been recently 
determined to make no such charges in future. In view, 
however, of the extent to which the practice had already been 
carried, and of its entire and obvious illegality, the Commis- 
sioners felt it to be their duty to lay the facts before the Secre- 
tary of the Commonwealth, in obedience to the provisions of 
section nine of the bank Act. The facts having been communi- 
cated by the Secretary to the Attorney- General, measures were 
taken to institute a prosecution against the bank, to recover the 
penalty imposed by the sixty-eighth section of the Act. These 
preparations were, however, discontinued at the solicitation of 
the bank, which came forward and paid into the treasury the 
penalty of $500 imposed by law, the Commissioners acquiescing 
in this arrangement on condition that full publicity should be 
given to the facts in this Eeport. The condition of the Bank 
of Cape Cod appeared to be entirely sound, and its affairs 
prudently conducted, except in this particular ; and, in their 
proceedings towards it, the Commissioners were governed only 



160 BANK COMMISSIONERS' REPORT. [Oct. 

by a desire to arrest similar illegal practices, wherever they 
might occur, by applying to them, when discovered, the 
stringent correctives which the law affords. 

Considerable trouble has always arisen in examining the 
unsigned bill account of banks. It is an account of great 
importance, and should be kept with the utmost strictness, to 
preclude the possibility of fraud or loss. Although a great 
improvement has taken place within a few years in the manner 
in which the account is kept, there is room for improvement 
still. The chief confusion arises from the state of accounts 
between the banks and the engraver, whose vouchers do not 
always accompany, and sometimes, on the other hand, precede, 
the transmission of the bills themselves. To remedy this, we 
would recommend the passage of a law requiring cashiers to 
notify the Bank Commissioners of the receipt of every package 
of bills from the engraver, accompanied by evidence that the 
bills had been printed on the proper authority of the directors, 
and with a certificate of the engraver, or printer, as to the 
amount delivered. 

It is probable that further legislation may be asked for with 
reference to the purchase and holding of public stocks. The 
law of last year permitted stocks taken directly from the 
government to be held in excess of the existing limit of 
discounts. This privilege has been largely availed of, and has 
enabled banks to make a profitable use of their overflowing 
deposits. Owing to the mode in which the government loans 
were first distributed, through a limited number of associated 
banks, a liberal construction has been put upon the require- 
ment to take such stocks directly from the government, and the 
first subscribers have, not improperly, been regarded as the 
agents of the government to effect their distribution. But 
besides the amounts thus taken from the government itself, 
large amounts have been bought in the market, and at times 
at prices below the par value ; and the question has arisen, 
whether, in so buying, a bank violates the usury laws. The 
Commissioners in reply to frequent inquiries on this point, 
have laid down the rule that a bank may buy for the bona fide 
purpose of investment, any of the public stocks of the United 
States, or of Massachusetts, at the market price, and they have 
not objected to similar purchases of the other State stocks of 



1862.] PUBLIC DOCUMENT— No. 8. 161 

New England. There is, however, a difficulty in making any 
distinction in law between the purchase of these stocks and the 
purchase of the public securities of remoter States, or of muni- 
cipal and corporate bodies, which should, in the opinion of the 
Commissioners, not be encouraged ; and it is clearly against 
both law and public policy for banks to buy and sell, without 
restriction, as brokers or individuals may do, since this would 
insensibly lead them into the dangerous paths of speculation, 
and pervert the objects of their institution. The subject is 
worthy the attention of the legislature. 

The legislature of 1862 suspended the operation of section 
59 of the 57th chapter of the General Statutes, which imposes 
a penalty of twenty-four per cent, a year for refusing pay- 
ment of bank notes in specie. This suspension will expire on 
the first day of February next. The Act is indexed in the 
authorized edition of the laws, as an Act " legalizing' the sus- 
pension of specie payments ," and we have heard it so spoken of 
by not a few bank officers. The Act attempts no such thing, 
and if it had attempted it, it would, so far as past obligations 
were concerned, have been unconstitutional. The sole purpose 
of it was, to relieve the banks, already in a state of suspension, 
from the extreme penalties of that Act. The bill-holder still 
continued to have his remedy, by action, for the refusal to pay 
specie, but his damages would have been only the legal rate of 
interest. The passage of the Jaw of the United States making 
government notes a legal tender, (assuming that law to be 
constitutional,) first deprived the bill-holder of his legal remedy 
on a refusal by a bank to redeem its bills in gold. 

It is not unlikely that an attempt will be made the present 
year to increase the legal limits of bank note circulation, but 
we hope no such measure will be adopted. The circulation is 
still very much below the limit of the law, not exceeding 
twenty-seven millions ; while it may legally be as great as the 
capital stock, or sixty-seven millions. It is true, the pressure 
for currency falls very unequally upon different institutions, 
depending on their locality and business ; but as all such legis- 
lation must be general, it would be most unwise to predicate 
an increase of the paper currency upon the wants or wishes of 
a few institutions, or upon a temporary necessity. We have 
indicated the dangers of further expansion, in the remarks 

21 



162 BANK COMMISSIONERS' REPORT. [Oct. 

already made upon the circulation. Another reason which 
should prevail to retard any legislation whatever touching the 
currency, is the attitude of the general government upon the 
subject. Should the suggestions of Mr. Secretary Chase, made 
in his report of 1861, be embodied in the form of law, very 
grave questions will arise as to the future policy of the Com- 
monwealth, in reference to her banking system, and as to the 
destiny of the banks themselves ; but of these topics it is not 
our province to speak, until they are before the country in 
more positive shape than they have yet assumed. 

Our attention has been called to the innumerable issues of 
paper promises, to take the place of the silver change which 
has disappeared from the currency. Many of these issues are 
clearly in violation of the eighteenth section of the one hundred 
and sixty-second chapter of the General Statutes. That sec- 
tion is in these words : 

" Whoever issues or passes any note, bill, order or check, 
other than foreign bills of exchange, the notes or bills of some 
bank incorporated by the laws of this State, or by the laws of 
the United States, or of some one of the United States, or by 
the laws of either of the British Provinces in North America, 
with the intent that the name shall be circulated as currency, 
shall forfeit fifty dollars for each offence." 

It is entirely unimportant what the form of the paper issued 
is, provided it is issued with intent that it shall circulate as 
money. Many of the issues are in the form of printed prom- 
ises to pay money, and as to the illegality of these there can 
be no doubt. The case of checks issued and sold for money, 
as has been very largely practiced, stands in no better light. 
We are not prepared to suggest the mode in which this growing 
evil may be best arrested, but that it is an evil is undeniable, 
and it should be checked before a heavy loss is entailed upon 
our population by the circulation of irresponsible promises. It 
is earnestly to be hoped that the General Government, which 
has led the way in the issue of depreciated and depreciating 
paper, may be able to furnish an adequate amount of the postal 
currency, which has at least the advantage of having a respon- 
sible author. 



1862.] PUBLIC DOCUMENT— No. 8. 163 

Having devoted a considerable part of our last Report to the 
consideration of savings banks, we have no occasion to add 
much at the present time to what was then suggested. The 
importance of a reserved fund in these institutions, has been 
signally manifested in several instances during the past year. 
Owing to no bad management of their own, but to the depre- 
ciation of bank stocks, and other securities forming a part of 
their investments, savings banks have, in two cases, found their 
capitals impaired, and have been obliged to pass dividends, in 
order that the earnings may make good the deficiency. The 
course adopted by the managers was eminently wise and pru- 
dent, but to suspend dividends on this class of deposits, is 
certainly a thing to be regretted, and it might always be avoid- 
ed, by keeping a moderate reserve to cover the depreciation of 
property. 

Two other cases have occurred in which it was extremely 
difficult to ascertain the real condition of savings banks, 
(neither of them large,) from the imperfect manner in which 
their accounts were kept. In neither instance was there any 
neglect, or inattention to the keeping of books, but the treas- 
urers had not the requisite knowledge of bookkeeping and of 
opening and balancing accounts. In both cases, it required 
time, expense, and the employment of experienced accountants, 
to strike a balance, and open the books in proper form. A well 
chosen method of bookkeeping, a familiarity with figures, and 
entire accuracy, are indispensable to the cashiers and treasurers 
of moneyed institutions, and no other considerations should be 
permitted to outweigh the importance of these qualifications in 
the officers selected. 

In general, the condition of the savings banks of the Com- 
monwealth was never more healthy. They have received a very 
considerable increase of deposits during the year,* and might 
have received much more, if the difficulty of finding safe and 
productive investments had not led the larger institutions to 
decline, in many instances, to open new accounts. If this 
difficulty continues, it may require that new restrictions be 
imposed by the legislature, as to the total amount to be re- 
ceived on interest from one individual, or as to the amount 

* The returns made to the Secretary on the last Saturday of October, showed 
the deposits to be $50,403,674.23, and 'the number of depositors 248,900. 



164 BANK COMMISSISSIONRS' REPORT. [Oct. 

which may be so received in a single year — the latter restric- 
tion being in conformity with the English law upon the subject. 
We would also recommend that the list of authorized State 
and municipal securities be enlarged. 

The legislature of 1862 passed a law taxing the deposits in 
savings banks, one-half of one per cent, per annum, (1862, 
chapter 224, sect. 4.) Doubts being entertained as to the 
constitutionality of this tax, the question was brought before 
the Supreme Court by the Boston Five Cents Savings Bank, 
acting in concert with other institutions, and after full and 
learned arguments, the court decided in favor of the constitu- 
tionality of the tax. 

In closing this Report, we would say that the date at which it 
is now required by law to be made and presented, is in many 
respects inconvenient, and we recommend that it be changed 
from October 15 to such time in December as shall enable it 
to be laid before the legislature, in a printed form, at the open- 
ing of the session. This will give the Commissioners the 
benefit of inspecting the annual returns made by banks and 
savings institutions, to the Secretary of the Commonwealth, on 
the call of the Governor, and will make the statistics published 
cover nearly the whole of each current year, instead of an 
arbitrary period of twelve months, as is now the case. It 
would also enable the Commissioners to prepare their Report in 
the interval which naturally occurs, after completing the exam- 
ination of the country banks, in the autumn, and before begin- 
ning that of Boston institutions, in the winter months. 

GEORGE WALKER. 
J. FREDERIC MARSH. 
WM. D. FORBES. 

Boston, October 15, 1862. 



1862.] PUBLIC DOCUMENT— No. 8. 165 



APPENDIX. 



No. 1. 



[p. 158.] 

Bank Commissioners' Office, Boston, 

August 15, 1862. 

To the Officers and Directors of the several Banks of the Commonwealth : 

The statute which requires the banks to maintain a certain specie 
reserve, (Gen. Stat. chap. 57, sect. 19,) having been a subject of frequent 
discussion between the Bank Commissioners and the officers of banks, 
and a difference of opinion existing as to the true construction of the 
law, the Commissioners invoked the decision of the Supreme Court, in 
the case of the Commonwealth vs. the Bank of Mutual Redemption, to 
interpret its provisions. 

The decision of the Court was rendered in the latter part of March 
last ; but as the opinion of the judges did not accompany it, the grounds 
on which it rested and the conclusions of the Court upon the questions 
involved, have been sometimes misapprehended, and misstated. 

The Commissioners take the earliest opportunity, therefore, to lay 
before the banks a full report of the opinion, and of the arguments of 
counsel, in order that bank officers and directors may be guided by it in 
their future operations, as the Commissioners must, also, be guided by it 
in the future discharge of their duties. 
They have the honor to be, 

Very respectfully, &c, 

J. Frederic Marsh, 
W. D. Forbes, 
George Walker, 

Bank Commissioners. 

[The following Report is taken from Volume iv. of Allen's Reports 
of " Cases argued and determined in the Supreme Judicial Court, Janu- 
ary Term, 1862, at Boston."] 



166 BANK COMMISSIONERS' REPORT. [Oct. 

SUFFOLK COUNTY. 
Commonwealth vs. Bank of Mutual Redemption. 



Present:— Hon. George T. Bigelow, Chief Justice; Hon. Charles A. Dewey, 
Hon. Theron Metcalf, Hon. Pliny Merrick, Hon. Ebenezer R. Hoar, Hon. 
Reuben A. Chapman, Justices. 



Under General Statutes chapter 57, section 19, it is the duty of a bank so to conduct its 
business as to keep on hand an amount of specie equal to fifteen per cent, of its liability 
for circulation and deposits ; and for a neglect or omission substantially to comply with 
this requisition, a bank is liable to be enjoined, on the application of the Bank Com- 
missioners, from the further prosecution of its business, so far as may be needful to 
prevent a violation of this provision of the statute, 

Under General Statutes chapter 57, section 63, a bank is not prohibited from borrowing 
of another bank money payable on demand with interest; but is prohibited from 
borrowing money of another bank payable at a future day certain. 

Under General Statutes chapter 57, section 67, a bank is prohibited from buying specie or 
exchange of another bank and paying therefor in its own bills, with an agreement or 
understanding that the bills shall not be returned or put into circulation for a specified 
time. 

If violations of General Statutes chapter 57, sections 19, 63, 67, have been committed by a 
bank under a mistake or misapprehension of the law, and with no wilful intent to violate 
the same, and it is not alleged that any other or further similar acts are threatened or 
intended by it, a temporary injunction which has been granted upon it maybe dissolved 
upon payment of costs. 

Petition by the Bank Commissioners of the Commonwealth, 
alleging that the Bank of Mutual Redemption had exceeded its powers 
and failed to comply with certain rules, restrictions and conditions pro- 
vided by law, and praying for an injunction to restrain such violations. 
The following are all of the charges that are now material, to wit : 

That said bank hath not kept in its bank an amount of specie equal to 
fifteen per cent, of its liability for circulation and deposits, as required to 
do by General Statutes chapter 57, section 19. That said bank hath 
made contracts for the payment of money at a future day certain, 
contrary to section 63 of the same chapter; to wit, on the 4th of 
December now last past, said bank did make a contract with the Presi- 
dent, Directors and Company of the Atlas Bank, a corporation duly 
established by law, having its usual place of business in said Boston, 
and not an institution for savings, for the payment of $40,000 in four 
days from that date ; [here followed other similar specifications of 
instances.] And that said bank, on the 4th of December now last past, 
did issue certain notes and bills thereof, with the agreement and under- 
standing that the same should not be put into immediate and unrestricted 
.circulation, and should not be returned to said bank within a limited 
time ; to wit } did issue $40,000 of the bank bills of said Bank of Mutual 



1862.] PUBLIC DOCUMENT— No. 8. 167 

Redemption to the President, Directors and Company of the Atlas 
Bank, a corporation duly established by law, and having its usual place 
of business in said Boston, with the agreement and understanding that 
the same should not be put into circulation, nor returned to the said 
Bank of Mutual Redemption, within the time of four days ; contrary to 
the provisions of section 67 of the same chapter. 

The statute provisions upon which the petition was founded are copied 
in the margin.* 

Upon this petition a temporary injunction was granted, and notice 
issued to the defendants, who duly appeared and moved that the injunc- 
tion be dissolved; and a hearing was had before the chief justice, who, 
upon facts in proof which are stated in the opinion, ordered the injunc- 
tion to be continued, so far as it related to the first and third of the above 
charges, and dissolved as to the residue ; and, at the request of the 
defendants, reserved the various questions arising for the determination 
of the whole court. 

B. R. Curtis S? G. Cushing, for the defendants. 1. The main ques- 
tion is, what is the true meaning of the provision of General Statutes 
chapter 57, section 19 ? Is it, to require each city bank to keep the 
specified amount of specie on hand constantly ; or only to keep a weekly 
average of this amount ? Section 93 requires each bank doing business 
in Boston, (except in South Boston,) on every Monday morning, to 
transmit to the secretary of the Commonwealth under oath a statement 
of the average amount of its specie. These two sections, though so far 
apart, are parts of one enactment. Originally they constituted but a 
single section. Statutes 1858, chapter 69. This enactment consists of 
three members: 1. Each bank is to keep fifteen per cent.; 2. To make 

* General Statutes chapter 57, section 19. "Every bank shall keep in the 
bank an amount of specie equal to fifteen per cent, of its liability for circulation 
and deposits ; and when by the returns required by sections ninety-three and 
ninety-four it appears that the weekly or monthly average of specie required 
thereby to be returned by a bank is less than that amount, such bank shal^ 
make no new loans until its specie is restored to such amount." .... 

Sect. 63. "No bank shall make or issue a note, bill, check, draft, accept- 
ance, certificate or contract, in any form whatever, for the payment of money 
at a future day certain, or with interest, except for money borrowed of the- 
State or of an institution for savings incorporated under authority of the State,. 
or money deposited by an assignee as provided in section forty-nine of chapter- 
one hundred and eighteen; and except also that all debts due to one bank from. 
another, including bills of the. bank indebted, may draw interest." ..... 

Sect. 67. "A bank which loans™ issues any of its notes or bills, with an 
agreement or understanding that such notes or bills shall not be put into imme- 
diate unrestricted circulation, or that they shall not be returned to the bank 
within a limited time, shall forfeit a sum not exceeding one-half nor less than 
one-fourth part of the amount so loaned or issued." 



168 BANK COMMISSIONERS' REPORT. [Oct. 

return every Monday of the average; 3. If, upon this return, it appears 
that the weekly average falls below fifteen per cent., the bank is to 
abstain from further discounts until the average is raised to that amount. 
The first member does not provide in terms that the bank shall keep 
this amount constantly on hand ; but the reasonable interpretation is, 
that the amount shall be so kept on hand as explained, qualified and 
limited, if limitation is necessary, by the other two. 

The apparent generality of the first proposition is apparent only. If 
the legislature had intended to require this amount to be constantly kept 
on hand, it would have been easy to say so. The omission is significant. 

Again ; no consideration of public policy shall impel us to assume that 
the legislature have commanded the banks to do an impossible thing ; 
and the assumption of the petitioners involves an impossibility. It is 
impossible to know, as a matter of knowledge, whether the amount has 
fallen below fifteen per cent. A bank is engaged in business, involving 
transactions of domestic and foreign exchange ; and a modification of 
balances occurs in the course of events, of which it is impossible for its 
officers to have actual knowledge as the events occur. The knowledge 
comes by mail, perhaps a fortnight after. 

Again; independently of the means of knowledge, it may be a question 
of physical possibility. Assume that on an examination, upon a given 
day, it is found that there is on hand an amount of specie sufficient for 
its probable wants ; but, by unexpected payment to it of debts in checks, 
and by unexpected deposits, which it must receive or stop business, the 
proportion of specie may be subject to diminution which the bank has no 
means of preventing, even if it has the means of knowing. The legis- 
lature have commanded it to know this weekly, and not oftener. 

What did the legislature mean by " average ? " The restrictive con- 
sequences are based strictly on an average. "Average" implies the 
summation of a succession of items. If the intent were to require this 
amount to be kept constantly on hand, there is no mathematical possi- 
bility of a question of average. If the legislature had meant constantly, 
they would have said that, if it should appear that at any time a bank 
had less than fifteen per cent, on hand, the prescribed consequences 
should follow. " Average " implies that, at some time, there shall be 
sums below the average. If the amount is always at one point, there is 
no question of average. 

2. In reference to the next charge, it is submitted that it is lawful for 
a bank in this Commonwealth to be Indebted to another bank, either on 
time, without interest ; or on time, to interest ; or with interest, but 
not on time. Faneuil Hall Bank v. Bank of Brighton, 16 Gray. 

The true construction of General Statutes chapter 57, section 63, 
does not allow its application to cases of verbal contracts. The prohibi- 



1862.] PUBLIC DOCUMENT— No. 8. 169 

tion is, of making or issuing a note, bill, check, draft, acceptance, certifi- 
cate, or contract. No one would imagine the act of the defendants to 
come within the statute, but for the use of the word " contract." But, 
assuming the statute to be technically drawn, there must be a logical 
relation between the acting verb and the thing acted upon. The word 
" issue " implies a thing issuable; which a verbal contract is not. The 
mischief to be met was, notes payable on time, with interest ; post-notes, 
like those issued by the United States Bank in its troubles. But, give 
to the word "contract" all possible generality, the exception is universal, 
" that all debts due to one bank from another may draw interest." 

3. General Statutes chapter 57, section 67, was not intended by the 
legislature to include any such case as is charged and proved in this 
proceeding ; and although the general words of that section may be 
broad enough to include such a case, it is not within the mischief, and is 
not unlawful. Commonwealth v. Slack, 19 Pick. 304. 

. 4. The general equity powers of this court do not enable it to lay an 
injunction to command a bank to obtain any particular amount or pro- 
portion of specie, or to refuse to pay specie when duly and lawfully 
demanded. It cannot do the first, because a court of equity has not 
jurisdiction to order such a substantial act to be done ; Lumley v. 
Wagner, 13 Eng. Law & Eq. R. 252, 1 De Gex, Macn. & Gord. 604, 
and 5 De Gex & Sm. 485 ; nor the second, because the law requires 
the bank, under a heavy penalty, to pay all its bills in specie on demand, 
and makes no exception of the case where such payments would reduce 
the amount below fifteen per cent, of the liabilities of the bank for bills 
and deposits. Nor does the statute give to the court any power to order 
the bank to obtain specie, or restrain its payment. 

This is not a bill under the general equity powers of the court, but an 
ex officio information, on the ground that the bank has failed to comply 
with the statute. A general order has been issued that the bank shall 
not fail to keep on hand the specified amount of specie ; that is, that it 
shall not under any circumstances so fail. Such an order practically 
prohibits it from doing any business. 

But conceding, for the argument, that the statute means to require 
this amount to be kept constantly on hand. It is further provided that 
the bank shall make no new loans until the required amount of specie is 
made up. It is impossible that the legislature should have intended that 
if the specie falls below this amount in a single instance, the bank shall 
be liable to an injunction ; and if, by reason of the number of instances 
in which it has fallen below, the average at the end of the week is below, 
it then can make no further discounts. The two are inconsistent. 

It is well settled that, in construing statutes, it may be proved that the 
legislature have inserted something intended to be directory merely 
22 . 



1T0 BANK COMMISSIONERS' REPORT. [Oct. 

something, a failure to comply with which shall not be attended with 
judicial consequences. This statute may be so interpreted. 

Foster, A. G., for the Commonwealth. 1. The failure to keep on 
hand the required amount of specie was not in consequence of any 
special drain on the resources of the bank, or of an unusual demand for 
specie, but in the ordinary course of its business, as a part of the system 
according to which its affairs were administered ; because, in the words 
of its president, " the object was to have as little dead capital as possible." 
It may be that an invariable keeping on hand of a specified amount of 
specie is hardly practicable ; but an habitual keeping of it is practicable. 
The enactment was passed in the spring of 1858, in consequence of 
the financial disasters which had recently overwhelmed the country, and 
for the purpose of requiring each incorporated bank in Massachusetts to 
give to the public in future a sounder currency, resting on the basis of a 
stronger specie reserve. All the banks in the United States, except 
those of New Orleans and one in New York, had become insolvent by 
the suspension of specie payments in the fall of 1857. The banks of 
New Orleans were preserved by their obedience to a statute of Louis- 
iana, requiring them to keep gold or silver to the amount of one-third of 
their immediate liabilities. Revised Statutes of Louisiana, Banks, sec- 
tion 26. The same proportion had for many years been regarded by 
the Bank of England to be indispensable to its security. 

The soundest bankers, the wisest political economists, and the most 
experienced legislators concurred in recommending the adoption of 
measures compelling each bank to hold at all times not less than a 
certain fixed proportion of coin to its liabilities. The adoption of the 
view taken by the respondents of this statute would defeaf its purposes ; 
and its language will not admit of such a construction. The word 
" keep " has a definite meaning ; and to have a certain average is not the 
same thing as to keep a certain amount. The statute providing for a 
return of the weekly average was already in existence when the statute 
providing for the keeping of a certain amount of specie was passed. 
Statute 1854, chapter 307. The duty imposed is, to keep on hand a 
certain proportion of coin. The weekly or monthly return enables the 
public to judge whether this duty has been performed. 

It is objected that the legislature did not use the word " constantly." 
If that word had been used, it would have furnished ground for an argu- 
ment of physical impossibility. As the statute now stands, it means that 
every bank shall so arrange its business as habitually to have on hand 
this amount, and promptly to supply any deficiency. 

The injunction is authorized by General Statutes chapter 57, section 
7. The prohibition against loans until the amount of specie is restored 
to fifteen per cent, is an additional restriction, but does not exempt a 



1862.] PUBLIC DOCUMENT— No. 8. 171 

bank from the jurisdiction of the court. In the present case, the 
equitable interposition of the court is sought, 1st, to explain the law ; 
and 2dly, to enforce the explanation. 

2. Authority to borrow money is not one of the powers of banks 
enumerated in the statute. General Statutes chapter 57, section 15. It 
is not one of the implied powers. Borrowing is never sound banking. 
" Banks are properly lenders of capital, and not borrowers ; and it is not 
one of their legitimate functions to disturb the natural current of trade 
by borrowing at one price to lend at another." 

The General Statutes chapter 57, section 63, were not intended to 
grant this power, but only to permit contracts for the payment of interest 
on such debts as exist and naturally arise in the course of business, from 
collections, drafts, bills and redemption agencies. See Statutes 1828, 
chapter 97, section 2 ; 1834, chapter 203, section 1 ; Revised Statutes 
chapter 36, sections 56, 57, and Commr's Rep. on same; Statute 1836, 
chapter 255. 

3. The injunction should be continued against violations of General 
Statutes chapter 57, section 67. 

Bigelow, C. J. The authority of this court to issue an injunction 
against a bank on the application of the bank commissioners, and to 
make such injunction perpetual, as set forth in General Statutes, chapter 
57, section 7, is very broad and comprehensive. luis not limited to 
cases where the corporation is insolvent, or its further continuance in 
business will be hazardous to its creditors, but extends to all cases 
where a bank has exceeded the powers conferred on it, or has failed to 
comply with any of the rules, restrictions or conditions provided by law 
for its regulation and management. Nor is the nature of the injunction 
which the court is empowered to issue in such cases defined or limited 
by any legislative restriction. This is left to be determined by a sound 
judicial discretion. It may be absolute, and restrain a corporation from 
the exercise of all its powers; or it maybe partial, prohibiting only 
such acts as may be hazardous and unlawful. And, upon a hearing of 
the corporation, the preliminary injunction may be dissolved, modified or 
made.perpetual ; or the court may pass such orders and decrees to sus- 
pend, restrain or prohibit the further prosecution of the business of the 
corporation as may be needful to insure the safety of the public or the 
creditors of the bank against loss, or to compel the corporation to keep 
within the sphere of its legitimate functions and duties, and to comply 
with the various provisions of law enacted for the due management of its 
business. The object of conferring this very extensive jurisdiction in 
equity over this class of corporations is obvious. The nature of the 
important powers and duties with which they are intrusted renders it 



172 BANK COMMISSIONERS' REPORT. . [Oct. 

expedient and necessary that they should be subjected to a careful super- 
vision, and that any irregularity or illegality in their mode of conducting 
business should be promptly checked and prevented. 

The allegations in the information before us, on which the bank com- 
missioners now seek to restrain the actions of the defendants, are three. 
The first and most prominent one is, that the officers of the corporation 
have violated the provision of General Statutes, chapter 57, section 19, 
in failing to keep in the bank an amount of specie, equal to fifteen per 
cent, of its liability for circulation and deposits. This allegation is sup- 
ported by proof that from October 8 to November 16, 1861, on seven 
different days, the specie in the bank fell below the required amount of 
fifteen per cent, so that on those days the amount varied from about four 
per cent, to a little over thirteen per cent ; on one day falling as low as 
four, and on another day only to about thirteen per cent, of the liability 
for circulation and deposits. It is contended on the part of the defend- 
ants that this proof of the allegations contained in the information shows 
no infraction of the law ; that the statute does not require the corporation 
to keep on hand a daily or constant reserve of specie of any specified 
amount ; that the requisitions of the statute are fully complied with if it 
appears that the bank has had a weekly average of specie equivalent to 
fifteen per cent, of the amount of its liability for circulation and deposits ; 
that it is wholly immaterial to inquire whether on any specific day or 
days in the course of a week the specie in the bank has fallen below the 
given standard, if it is shown by the weekly returns, which the bank is 
required to make in pursuance of the provisions contained in General 
Statutes, chapter 57, sections 93, 94, that the average of specie on hand 
during the previous week has been equal to the percentage required by 
law. It is on this view of the meaning of the statute that the defendants 
rest their defence to the first allegation in the information. They do not 
contend that their omission to have on hand the amount of specie 
designated in the statute has been the result of accidental circumstances, 
or has arisen from any unforeseen exigency or unexpected demand on 
the resources of the bank. On the contrary, they insist that it is the 
legitimate result of a mode of conducting their business which does not 
in any respect contravene the statute regulating the specie reserve of the 
bank. 

From this statement of the question at issue between the parties under 
the first allegation in the information, it is manifest, that the difference 
between the construction put on the statute by the defendants, and that 
on which the commissioners rely, is wide and essential. It is a differ- 
ence which does not touch merely the form of doing business, or the 
mode in which a specific result is to be attained ; but it goes directly 
to the substantial principle on which the affairs of a bank are to be 



1862.] PUBLIC DOCUMENT— No. 8. 173 

administered. If the interpretation for which the defendants contend is 
correct, then it would seem to follow that the banks of this Common- 
wealth, instead of managing their business in such a way as to render it 
practicable and certain that they will keep from day to day in their pos- 
session and control a specific amount of specie, which shall not fall below 
a certain definite proportion of their liabilities, and with which they shall 
be ready at all times to respond to the claims of their creditors, may 
continue their loans and discounts and enlarge their circulation even to the 
extreme limits allowed by law, without reference to the amount of specie 
kept by them, if they are able to make it appear, by borrowing specie 
for the purpose, or by a temporary purchase of it, or in any other way? 
that their specie average for the week previously, if the bank is situated 
in Boston, or if elsewhere, then for the month previously to the making 
of their weekly or monthly returns, has been equal to the sums which the 
statutes require them to keep. 

"What then is the true interpretation of this clause of the statute ? If 
the words are to have their literal signification, and are to be construed 
by themselves as containing a separate and distinct mandate without 
reference to the subsequent provision in the same section, there is no room 
for doubt as to their true intent and meaning. " Every bank shall keep 
in the bank an amount of specie equal to fifteen per cent, of its liability 
for circulation and deposits." This is a plain and unequivocal requisi- 
tion. Unless modified by the clause which follows, it imposes the duty 
on every bank of having on hand in its banking-house the prescribed 
amount of specie. The word " keep," in the connection in which it 
stands with the residue of the sentence, can have no other interpretation 
than that given by lexicographers. It means to hold, retain, reserve, or 
have in possession and control. Indeed, the defendants, in the very able 
and ingenious 'argument which has been presented through their counsel, 
do not deny that such would be the true construction of this provision if 
it stood by itself, with nothing to modify or restrict its meaning. But 
they urge, with great force and plausibility, that it is to be constructed in 
connection with the clause which follows it, by which it is provided that 
when it appears by the weekly or monthly returns which banks are 
required to make to the secretary of the Commonwealth, that " the 
weekly or monthly average of specie required thereby to be returned by 
a bank is less than that amount, such bank shall make no new loans 
until its specie is restored to such amount." The argument is, that this 
clause by implication recognizes the right of a bank so to conduct its 
business as to reduce its specie below the designated percentage, because 
a weekly or monthly average of specie to a certain amount necessarily 
presupposes that at some time during the week or month it must have 
fallen below the given standard. But we cannot think that any just 



174 BANK COMMISSIONERS' REPORT. [Oct. 

canon of interpretation will warrant us in construing this clause as 
intended to modify and essentially change the previous clearly expressed 
requisition of the statute. It is difficult to believe that the legislature 
would have enacted an explicit and unambiguous mandate by which 
banks were required to keep a specific amount of specie on hand, if they 
intended only to require that by their weekly or monthly returns there 
should appear to be a certain average of specie in each bank. The 
requisitions are certainly essentially different from each other. If the 
latter was in contemplation by the framers of the statute, it would have 
been easy to express it in direct and unmistakable terms, without resort- 
ing to an obscure circumlocution, which leaves their meaning in great 
doubt and uncertainty. But it seems to us that this latter provision was 
inserted with no design to alter the previously declared rule regulating the 
specie reserve. It had a different object. It placed a direct prohibition 
on the officers of the bank, restraining them from making loans and dis- 
counts until the deficiency of specie was made up. Its purpose was to 
provide a means by which to enforce the rule of keeping the specie up 
to the prescribed limit ; not to modify or alter it. Such a provision was 
the more necessary, because the actual condition of the bank as to specie 
might not be known to directors, by whom loans or discounts are usually 
made, unless it was required of them to 'ascertain it, by examining the 
returns of their president or cashier, before extending the liability of the 
bank by additional loans. But all doubt concerning the meaning of this 
clause is put at rest by a consideration of the extent of the prohibition 
restraining discounts. It is not limited to a time when the bank is in 
such condition that its weekly or monthly average of specie will reach to 
the requisite amount. This would be the limit, if only an average of 
specie was required. But it extends until " the amount of specie shall 
be restored to the proportion of fifteen per centum of its aggregate 
liability for circulation and deposits." This is the express language of 
Statute 1858, chapter 69, section 1, from which the provision in General 
Statutes, chapter 57, section 19 is taken. This clearly shows that the 
normal and legal condition of a bank, which the statute was designed to 
secure and preserve, and to which it is to be restored in case of defi- 
ciency, is, that it shall have on hand a reserve of specie equal to the 
amount designated in the statute. 

Nor are we able to see that any other construction of the language of 
the statute would carry out the object which the legislature intended to 
accomplish by these provisions. The title of the original statute is, " An 
Act to increase the amount of Specie in the Commonwealth.''' This 
purpose could be effected only by adopting some measure which should 
compel banking corporations to hold in their possession and control a 
constant specie reserve, and thus to carry into practical operation the 



1862.] PUBLIC DOCUMENT— No. 8. 175 

theory of a financial system based on specie, and a currency redeemable 
at all times in coin. It certainly is difficult to see how the intention of 
the legislature, as declared in the title of the Act, could be promoted by 
requiring of banks only the appearance or show of a weekly or monthly 
average of specie. If such is the true construction of the statute, a bank 
may conduct its business without keeping on hand any definite amount of 
specie in proportion to its liabilities. Its transactions may rest almost 
exclusively in paper. It may own or possess but a very small sum in 
coin. It can comply with the statute by having on hand for a single day 
in a week or month sufficient coin to make up the required average in its 
returns ; and this amount may be procured for the purpose by borrowing 
or a temporary purchase, to be restored or 'resold as soon as the return 
is made, instead of being kept as the property of the bank, and forming a 
part of the specie basis, on which the banking system of the Common- 
wealth is intended to be founded. If the language of the statute were 
more ambiguous than it really is, we should be slow to give give such a 
construction to it as would lead to a result so much at variance with the 
manifest design of the framers of the Act. 

It is urged in behalf of the defendants that, as the business of a bank, 
however cautiously and prudently conducted, is of a nature to expose it 
to unusual or unexpected demands for specie, either to redeem its circu- 
lation or to answer the calls of depositors for coin, and as a sudden and 
large increase of deposits may, at any time, cause the specie kept in reserve 
to fall below the required percentage, a literal compliance with the requi- 
sition to keep on hand fifteen per cent, of its liabilities would be imprac- 
ticable. Doubtless there may be cases where an emergency may arise, 
which could not have been anticipated, by which a reduction in the 
amount of specie below the given standard might temporarily occur. 
But such deficiency, if promptly supplied, would not be deemed an 
infraction of the statute, if it was made to appear that it was the result 
of accidental circumstances, and that the business of the bank was so 
managed as in the ordinary course of its operations to keep in its vaults 
the required amount of specie. This would be a substantial compliance 
with the requirement of the statute. Nor are we able to see why a bank 
may not conduct its affairs in such manner as to have in its possession a 
specified amount of specie, as well as to maintain a prescribed average. 
An unusual demand might reduce this average in like manner as the 
same cause would operate to diminish a certain percentage below the 
required amount. The argument applies with equal force to either view 
of the statute, and as an argument ah inconvenienti is not entitled to 
much weight. 

These views of the construction to be given to the statute have led 
us to the conclusion, that it imposes on a bank the obligation of keeping 



176 BANK COMMISSIONERS' REPORT. [Oct. 

on hand a sufficient amount of specie for the ordinary demands of its 
daily but-iness, and also a reserve of fifteen per cent, on its liabilities for 
circulation and deposits, after meeting and discharging those which are 
presented for liquidation and payment. As the defendants do not show 
that their omission to have this amount of specie in their keeping, on 
the days when it is shown to have fallen below the given standard, was 
the result of any unexpected demand on them by their creditors ; but, 
on the contrary, that it was caused by a course of business conducted 
with a view to keep only a weekly average of specie to the amount 
designated in the statute, it follows that they have violated the statute, 
and on this point the allegations in the information are sustained. 

The remaining allegations in the information, which are now insisted 
on, may be briefly disposed of. The right of a bank to borrow money 
from another bank is nowhere expressly prohibited. On the contrary, 
the right to do so would seem to be recognized in General Statutes, 
chapter 57, section 26, by which it is expressly provided that debts due 
from one bank to another, including bills of the bank indebted, shall not 
be considered as within the prohibition of section 25, which limits the 
indebtedness of a bank to twice the amount of its capital stock, exclu- 
sive of sums due for deposits not bearing interest. The only restraint 
on the power to contract such a debt is contained in section 63 of the 
same chapter, which provides that no bank shall make any contract for 
the payment of money at a future day certain, or with interest. This 
language is certainly broad enough to cover a contract by one bank 
with another to pay money at a future day. That it was intended to 
include such contracts is strongly implied from the exception to the pro- 
hibition, by which it is provided that " all debts due to one bank from 
another may draw interest." The conclusion would seem to be inevita- 
ble that the legislature, in making this provision, had in view debts due 
from one bank to another, and intended to bring them within that part 
of the section which prohibits them from being made payable on time, 
but to exempt them from the prohibition of drawing interest. We can 
see no sufficient reason for limiting this exception to any particular class 
of debts existing between banks. It is applicable to every species of 
indebtment which may lawfully be due from one bank to another. It 
was suggested by the counsel for the defendants that in Faneuil Hall 
Bank v. Bank of Brighton, 16 Gray, this court had given such con- 
struction to this provision of the law as to authorize a bank to borrow 
money from another bank payable at a future day. But this is a mis- 
apprehension. No question arose in that case as to the right or power 
of one bank to borrow money from another bank. The point there 
decided was, that a draft drawn by one bank on another, payable at a 
future day, was not on its face unlawful, because there might be trans- 



1862.] PUBLIC DOCUMENT— No. 8. 177 

actions between banks, creating balances due from one to another, which 
might well authorize the making of drafts on time. But there was 
nothing in that case which tends to sanction the creation of a debt by 
the borrowing of money by one bank of another payable at a future 
day. So far, therefore, as the defendants entered into contracts by 
which they borrowed money of another bank payable at a fixed time, 
they violated the law ; but beyond this the allegation in the information, 
setting forth that they borrowed, money of other banks payable with 
interest, in violation of the statute, is not sustained. 

The only remaining ground on which it is claimed that the defendants 
have acted contrary to any of the requirements of the statute is, that 
they have delivered their bills to other banks for specie lent, with an 
agreement that they should not be returned for redemption until after 
the expiration of a certain number of days. This transaction was in 
direct contravention of the express provisions contained in General 
Statutes, chapter 57, section 67, which impose a penalty on any bank 
" which loans or issues any of its notes or bills with an agreement or 
understanding that they shall not be put into immediate unrestricted 
circulation, or that they shall not be returned to the bank within a lim- 
ited time." On language so clear and explicit we cannot engraft excep- 
tions derived from the supposed causes which originally gave rise to the 
enactment. 

In considering the decree which ought to be passed in the case, it has 
seemed to us that, as the acts of the defendants, so far as they were 
contrary to law, were done under a mistake or misapprehension of the 
provisions of the statutes, and with no intent to commit a wilful violation 
of the enactments for the regulation of banks ; and as no other or 
further similar acts are threatened or intended by the defendants, the 
further prosecution of this suit is not required in furtherance of justice, 
or to enforce a due observance of the laws. We are therefore of the 
opinion that, on payment of costs by the defendants, the injunction here- 
tofore granted should be dissolved, and further proceedings in the case 
discontinued. 

Decree accordingly. 



The foregoing is a copy of the opinion of the Supreme Judicial Court 
in the case of Commonwealth v. Bank of Mutual Redemption. 

CHARLES ALLEN, Reporter. 
23 



178 



BANK COMMISSIONERS' REPORT. 



[Oct. 



ISTo. 2 



PUBLIC STOCKS 



Deposited with the Auditor of the Commonwealth by " banks organized 
under general laws" as security for their circulating notes. 



The certificates of stocks held by the Auditor, and the amount of 
circulating notes issued on account thereof, on the 26th day of Decem- 
ber, 1862, when they were examined by the Commissioners, may be 



learned from the following statements : 



Bank of the Metropolis. (Capital, $200,000.) 

United States Bonds, . . . . 6 per cent., $47,000 00 

6 « 45,000 00 

7 t 3 q " 13,950 00 

. 16,000 00 

10,000 00 



u a 

u a 



Notes, 



Certificates, 
Massachusetts Bonds, 



6 per cent., 



Circulating notes issued, 
Balance due the bank, 

Safety Fund Bank 

United States Bonds, 

" " Notes, . 

" " Bonds, . 

" "• Five-Twentie 
Certificates of indebtedness, 
City of Lawrence Bonds, 
City of Lynn " 

City of Chelsea " 
Town of Waltham " 
Town of Natick " 
Town of Somerville Note, 

Circulating notes issued, 

Balance due the bank, . 



$131,950 00 
131,500 00 

$450 00 



(Capital, $1,000,000.) 

6 per cent., $279,000 00 



7 3 « 
' 10 


164,000 00 


5 " 


25,000 00 


6 " 


100,000 00 




. 138,000 00 




16,000 00 




60,000 00 




25,000 00 




20,000 00 




15,000 00 




14,400 00 



$856,400 00 
. 537,679 00 

. $318,721 00 



1862.] 



PUBLIC DOCUMENT— No. 8. 



179 



Revere Bank. (Capital,* $1,000,000.) 



United States Bonds, 


6 per cent., 


$327,000 00 


ii it it 


5 " 


20,000 00 


" " Notes, . 


7 3 « 

' 10 


20,000 00 


Certificates of indebtedness, . 


> . . . 


23,000 00 


City of Boston, Bonds, . 


• . . . 


182,000 00 


State of Massachusetts, Bonds, . . 


. • ' » . 


50,000 00 


" New York, " 


■ . . . 


60,000 00 


Connecticut " 


6 per cent., 


30,000 00 


Rhode Island " 


6 


50,000 00 




$762,000 00 


Circulating notes issued, 


i • • • 
• • • 


493,279 00 


Balance due the bank, . 


$268,721 00 


Bank of the Republic. (Capital, $1,000,000.) 


United States Bonds, 


6 per cent., 


$270,000 00 


" " Notes, .... 


7,3 u 

'TO 


136,000 00 


" " Bonds, . 


5 " 


5,000 00 


Certificates of indebtedness, . 


• • . • 


173,000 00 


State of Maine, Bonds, . 


6 per cent., 


22,500 00 


City of Boston, "... 


i • • • 


2,500 00 


" Roxbury, " 


. 


6,000 00 


" Cambridge, Note, 


. 


20,000 00 


Town of Marlborough, Notes, 


. 


6,000 00 


" North Chelsea, " 


... 


8,000 00 




$649,000 00 


Circulating notes issued, 


... 


366,478 00 


Balance due the bank, . 


$282,522 00 



Continental Bank. (Capital, $300,000.) 

United States Bonds, . . . . 6 per cent., $136,000 00 
" .... 5 " 17,000 00 



Circulating notes issued, 
Balance due the bank, 



$153,000 00 
144,300 00 

$8,700 00 



180 



BANK COMMISSIONERS' REPORT. 



[Oct. 



Mount Vernon Bank. (Capital, $200,000.) 



United States Bonds, 


6 per cent., 


$20,000 00 


" " Treasury Notes, 


6 


10,000 00 


" " Five-Twenties, 


6 


20,000 00 


New Hampshire Bonds, 


6 per cent., 


2,000 00 


City of Roxbury, " 


» • • • t 


20,000 00 


Town of Rockport, Note, 


6 per cent., 


5,000 00 


" Melrose, " 


• • • • 


24,000 00 




$101,000 00 


Circulating notes issued, 


• • • • 


99,700 00 



Balance due the bank, 



$1,300 00 



Harvard Bank. (Capital, $200,000.) 
United States Notes, .... 7^ per cent., $43,000 00 



" " Bonds, . 
Certificates of indebtedness, . 
Town of Weston, Note, 
" Marlborough, Note, 

Circulating notes issued, 

Balance due the bank, . 



6 



65,000 00 

50,000 00 

1,000 00 

3,000 00 

$162,000 00 
154,695 00 

$7,305 00 



1862.] 



PUBLIC DOCUMENT— No. 8. 



181 



No. 3. 
TABLE, (1st,) exhibiting the Capital of the Banks of Massachusetts, and 
the amount of their immediate liabilities, or Circulation and Deposits, 
and the Specie on hand, in each year, from 1815 to 1862, inclusive. 













Percentage of 


YEAK. 


Capital. 


Aggregate Deposits 
and Circulation. 


Specie. 




Specie to Deposits 
and Circulation. 


1815, . 


$11,287,500 00 


$5,658,502 00 


$3,277,884 00 


57.89 


1816, . 


12,425,000 00 


4,523,800 00 


1,430,200 


00 


31.61 


1817, . 


11,570,900 00 


5,771,902 00 


1,589,742 


00 


27.54 


1818, . 


9,748,425 00 


5,679,665 00 


1,147,920 


00 


20.21 


1819, . 


10,374,750 00 


6,492,503 00 


1,040,102 


00 


16.02 


1820, . 


10,600,000 00 


5,759,420 00 


1,304,600 


00 


22.65 


1821, . 


9,800,000 00 


8,548,447 00 


2,784,614 


00 


32.52 


1822, . 


10,821,125 00 


6,297,240 00 


890,000 


00 


14.13 


1823, . 


11,650,000 00 


6,550,411 00 


911,112 


00 


13.90 


1824, . 


12 907,300 00 


8,973,050 00 


1,777,131 


00 


19.80 


1825, . 


14,535,000 00 


6,223,210 00 


1,039,120 


00 


16.53 


1826, . 


16,649,996 00 


6,281,135 00 


1,323,820 


00 


21.07 


1827, . 


18,702,150 00 


8,445,045 52 


1,711,035 


61 


20.26 


1828, . 


20,140,000 00 


7,054,819 64 


1,225,294 


42 


17.22 


1829, . 


20,420,000 00 


7,293,017 51 


987,210 47 


13.52 


1830, . 


19,295,000 00 


8,699,047 04 


1,258,444 


05 


14.46 


1831, . 


21,439,800 00 


12,141,282 62 


919,959 


73 


7.57 


1832, . 


24,520,200 00 


10,061,826 33 


902,205 


78 


8.96 


1833, . 


28,236,250 00 


11,605,293 04 


922,309 


84 


7.94 


1834, . 


29,409,450 00 


12,560,200 47 


1,160,296 


09 


9.23 


1835, . 


30,410,000 00 


15,852,624 30 


1,136,444 30 


7.16 


1836, . 


34,478,110 00 


19,676,766 44 


1,455,230 


47 


7.39 


1837, . 


38,280,000 00 


18,740,316 73 


1,517,984 02 


8110 


1838, . 


34,630,000 00 


16,523,154 77 


2,394,624 


24 


14.49 


1839, . 


34,485,600 00 


12,642,733 00 


1,838,272 


99 


14.54 


1840, . 


33,750,000 00 


16,370,292 80 


2,991,804 


50 


18.33 


1841, . 


33,360,000 00 


16,654,011 55 


3,111,837 


84 


18.69 


1842, . 


32,631.060 00 


14,180,071 48 


2,682,309 


55 


18.91 


1843, . 


31,089,800 00 


16,518,083 19 


7,298,815 


69 


44.18 


1844, . 


30,020,000 00 


24,417,463 19 


4,587,140 


80 


18.78 


1845, . 


30,970,000 00 


26,007,819 91 


3,357,904 


35 


12.90 


1846, . 


31,160,000 00 


24,051,290 42 


3,054,755 


68 


12.70 


1847, . 


32,113,150 00 


27,461,917 38 


3,943,973 


58 


14.36 


1848, . 


32,985,000 00 


21,290,999 48 


2,578,030 


32 


12.10 


1849, . 


34,630,011 00 


25,576,252 22 


2,749,917 


32 


10.75 


1850, . 


36,925,050 00 


28,182,653 84 


2,993,178 


29 


10.62 


1851, . 


38,265,000 00 


32,664,473 47 


2,478,858 


78 


7.58 


1852, . 


43,270,500 00 


36,713,625 75 


3,563,782 


52 


9.76 


1853, . 


49,050,175 00 


44,628,122 85 


3,731,764 


56 


8.36 


1854, . 


54,492,660 00 


44,150,353 32 


3,828,402 


88 


8.67 


1855, . 


58,632.350 00 


45,089,304 55 


4,409,402 


35 


9.77 


1856, . 


58,598,800 00 


50,913,441 02 


4,555,571 


41 


8.94 


1857, . 


60,319,720 00 


37,079,966 49 


3,611,097 45 


9.73. 


1858, . 


61,819,825 00 


52,915,444 36 


11,112,715 


72 


21. 


1859, . 


64,519,200 00 


51,335,958 88 


7,532,647 


09 


14.67 


1860, . 


66,482,050 00 


55,259,287 66 


6,567,887 


88 


11.88 


1861, . 


67,344,200 00 


53,474,018 50 


8,877,193 


01 


16.60 


1862, . 


67,544,200 00 


74,295,120 71 


9,595,529 


55 


12.91 



182 



BANK COMMMISSIONERS' REPORT. 



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